U.S. spot bitcoin and Ethereum ETFs had net inflows of US$1.1 billion last week, the best performance since April
U.S. spot bitcoin and Ethereum exchange-traded funds had a combined net inflow of US$1.1 billion last week, setting the strongest weekly performance since April, although trading volume remained near multi-year lows.
Key Data
As of last Friday, the U.S. spot Bitcoin ETF had net inflows of approximately US$853.5 million for five consecutive trading days, the best weekly performance since mid-April. The net inflow of spot Ethereum ETF was US$244.9 million, remaining positive for the fifth consecutive week, setting a record for the longest consecutive rise in 2026. Trading volume showed the opposite trend, with weekly Bitcoin ETF trading volume falling 9% to approximately US$8.19 billion.
Bitcoin ETF leads this week's inflows
According to SoSoValue's weekly trading data, as of last Friday, spot Bitcoin funds had net inflows of approximately US$853.5 million for five consecutive trading days. That was the largest weekly total since the week ending April 17, when the category received $996.4 million from investors. Spot Ethereum funds had a net inflow of US$244.9 million, also the best performance since the same week in the spring.
BlackRock's IBIT contributed US$693.7 million, accounting for more than 80% of total Bitcoin inflows; Fidelity's FBTC contributed US$116.4 million, accounting for approximately 13%.
Daily capital inflows peaked at $244.4 million on Wednesday and $211.5 million on Tuesday. Buying momentum then weakened over the weekend, to $128.7 million and $98.9 million respectively on Thursday and Friday, as U.S. non-farm payrolls data unexpectedly dropped 23,000 compared with an expected increase of 80,000.
Balchunas links capital inflows to Coldcard vulnerability
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, posted on the X platform last Friday that since the Coldcard vulnerability was exposed on July 30, IBIT, FBTC and many other funds have received capital inflows every day. He said it was difficult not to view the correlation as cause and effect, saying the timing was ironic but somewhat in line with the style of the market.
Galaxy Research confirmed on Friday that 1719 bitcoins (worth approximately $111 million) were stolen and warned that the total loss could exceed $130 million. Researchers traced the vulnerability to a firmware update in March 2021 that generated recovery seeds that were far less random than the device promised buyers.
Ethereum ETF has risen continuously but trading volume has been sluggish
Ethereum funds have now maintained positive inflows for five consecutive weeks, setting the longest consecutive record in 2026, with Thursday's US$92.2 million being the highest in a single day during the period. This complicates interpretation of the Coldcard incident because the vulnerability only affects specific Bitcoin hardware wallets, and the inflow of funds into Ethereum began on August 3, a few days after the vulnerability was first disclosed.
There are limits to rebound. The weekly trading volume of Bitcoin ETF was approximately US$8.19 billion, a month-on-month decrease of 9%, the second lowest full trading week since October 2024; Ethereum trading volume fell by approximately 21%. Two types of funds are still in deep losses this year: Bitcoin funds have a net outflow of approximately US$4.44 billion since January, and Ethereum funds have a net outflow of approximately US$873 million during the same period.

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