Bitcoin
US spot Bitcoin ETFs record $626 million inflows in three days
Institutional demand returned to Bitcoin products in early August, with BlackRock's IBIT capturing nearly $479 million of the three-day total.
US-listed spot Bitcoin ETFs pulled in $626 million in net inflows across three consecutive days at the start of August, marking a resurgence of institutional demand after a summer of steady outflows. BlackRock's iShares Bitcoin Trust (IBIT) captured $479 million of the total, bringing its cumulative net inflows to nearly $61 billion.
Monday's session opened the run with inflows that built through the week. Tuesday saw $211.5 million enter, with IBIT taking $170.3 million, followed by Wednesday's largest daily total of $244.4 million. Other issuers including Fidelity's FBTC, ARK's ARKB, Bitwise's BITB and Invesco's MSBT saw considerably smaller allocations.
Two developments aligned to drive the shift. Risk appetite improved across traditional markets as equities moved back toward record levels and crude oil eased following geopolitical tensions around Iran. Bitcoin typically moves in tandem with broader market sentiment. Regulatory optimism also played a role: Franklin Templeton has argued that federal cryptocurrency rules could unlock bank liquidity to the asset class, a structural change with far larger implications than any single week of flows.
Bitcoin briefly pushed above $64,920 Wednesday and traded near $64,744 shortly after. The concentration of flows masks a more complex reality, however. While the spot Bitcoin ETF market holds $77.6 billion in net assets and has accumulated $51.5 billion in net inflows since launch, growth has proved highly uneven. IBIT accounts for $60.5 billion of total inflows while Grayscale's GBTC has shed $27.47 billion. This squeeze produced its first casualty: Hashdex is closing its Bitcoin ETF (DEFI), the smallest US spot product, with a final trading day of August 17. The closure reflects persistent competition for attention, with some market participants viewing the opportunity cost of holding Bitcoin as too high while assets linked to artificial intelligence rally.
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