Bitcoin ETFs attract $924 million in one week

American spot Bitcoin ETFs received more than $924 million in inflows from August 24 to 28 inclusive. BlackRock’s IBIT dominated with $938 million, meaning other funds saw net outflows. Spot Ethereum ETFs also performed strongly with $824 million in inflows, with BlackRock’s ETHA accounting for $567 million. Bitcoin is currently around $78.000.

In brief:

• Spot Bitcoin ETFs received $924 million in inflows last week, dominated by BlackRock’s IBIT with $938 million.
• Spot Ethereum ETFs raised $824 million, with BlackRock’s ETHA as the largest recipient with $567 million.
• The total assets under management of the Bitcoin ETFs amount to $97.59 billion.

IBIT pulls in more than all funds combined

BlackRock’s IBIT raised $938 million last week, more than the total inflow of $924 million across all spot Bitcoin ETFs combined. That means other providers saw net outflows, while IBIT dominated the market.

The total assets under management of all spot Bitcoin ETFs currently stand at $97.59 billion. Earlier, there was a period of sustained outflows, but inflows now appear to be picking up steam again. The ETFs have also already absorbed nearly 49,000 BTC over the past month.

Ethereum ETFs follow with $824 million in inflows

Alongside the Bitcoin ETFs, the spot Ethereum ETFs also had a strong week. In total, $824 million flowed in, with BlackRock’s ETHA receiving $567 million. This makes ETHA by far the dominant fund in Ethereum as well.

The simultaneous inflow into both Bitcoin and Ethereum ETFs shows that institutional demand is broad-based. The Ethereum price recently crossed above the realized price, which analysts view as a recovery signal. Bitcoin itself is currently facing resistance around $78.000, a level that could determine the further direction in the coming days.