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Key Takeaways
- U.S. spot Bitcoin ETFs took in $853.54 million last week, the largest weekly inflow since mid-April, with BlackRock’s IBIT alone drawing $693 million.
- Bitcoin held near $65,100 despite a Coldcard hardware wallet hack and rising bond yields, suggesting firm underlying demand.
- ETFs remain about $4.5 billion in net outflows year-to-date, and the August 12 CPI report will be a key test for whether inflows continue.
U.S.-listed spot Bitcoin exchange-traded funds took in $853.54 million in net inflows for the week ended August 7, the strongest weekly total since mid-April, according to data from SoSoValue. BlackRock’s IBIT accounted for $693 million of that total. Bitcoin traded near $65,100 on Monday, holding steady despite several negative headlines in recent days.
IBIT Drives a Concentrated Rebound
BlackRock’s IBIT pulled in the large majority of last week’s inflows, accounting for $693 million of the total tracked by SoSoValue. The concentration means the rebound in ETF demand was not evenly spread across the roughly dozen U.S. spot Bitcoin funds, though SoSoValue’s aggregate figures do not break out performance for every individual fund.
The inflow marks a shift after a stretch of heavy selling earlier this year. Whether it reflects a sustained return of institutional demand or a single strong week remains an open question, since one week of inflows does not establish a trend on its own.
Bitcoin Holds Steady Despite Negative Headlines
Bitcoin held around $64,000 early this week before trading up to roughly $65,100 as of Monday. The price action came despite a multi-million-dollar hack of hardware wallet maker Coldcard and rising government bond yields, neither of which has so far pushed the spot price lower.
The muted reaction to that news comes as underlying demand has remained firm enough to absorb negative catalysts that might have triggered steeper selloffs earlier in the year, when Bitcoin fell 33% to below $60,000 by the end of June.
A Weak Jobs Report Shifts the Rate Calculus
The U.S. economy lost 23,000 jobs in July, according to Bureau of Labor Statistics data released Friday, far short of forecasts for a gain of 80,000. The unexpectedly weak report has cooled market bets on further Federal Reserve interest rate hikes, at least for now.
A less hawkish rate outlook could support continued buying in Bitcoin ETFs, since higher rates tend to weigh on demand for non-yielding assets like Bitcoin.
The July jobs data also raises the stakes for the next major economic release, U.S. Consumer Price Index figures due August 12, which could either reinforce or undercut the case for a pause in rate increases.
The Inflow Doesn’t Erase a Rough Year
Despite last week’s total, the ETFs remain roughly $4.5 billion in net outflows on a year-to-date basis. That deficit reflects the heavy selling pressure that dominated the first six months of 2026, when Bitcoin’s price fell sharply through June.
Closing that gap would require inflows on a scale closer to what the ETFs saw during the 2025 rally. Between April and October of that year, Bitcoin climbed from roughly $75,000 to a record high near $126,000, a stretch in which weekly ETF inflows exceeded $1 billion on several occasions. Last week’s total, while the strongest in months, still falls short of that pace.
The Next Test Is the August 12 CPI Report
Whether last week’s inflow marks the start of a more durable trend or proves to be an isolated spike will depend on flows in the coming weeks. During Bitcoin’s strongest past rallies, inflows tended to be sustained over multiple weeks rather than concentrated in a single week.
The July CPI report on August 12 is likely to be the next significant test. A cooler-than-expected inflation reading could reinforce the case for a Fed pause and extend the current run of ETF buying, while a hotter print could quickly reverse the recent momentum in flows.
