Weekly Inflows into Bitcoin ETFs Surpass $500 Million

Inflows into spot Bitcoin ETFs from August 19 to 23 amounted to $506.4 million, according to SoSoValue. This positive trend continued for the second consecutive week.

On August 23, clients withdrew $35.6 million from Grayscale’s GBTC.

The structure of inflows was as follows:

• IBIT from BlackRock — $86.8 million;
• FBTC from Fidelity — $64 million;
• BTC from Grayscale — $50.8 million;
• BITB from Bitwise — $42.3 million;
• ARKB from ARK Invest & 21 Shares — $23.8 million;
• HODL from VanEck — $14.4 million;
• BTCO from Invesco — $3.2 million;
• BRRR from Valkyrie — $2.3 million.

Other products recorded no change.

Total inflows since the approval of BTC-ETFs in January have increased to $17.9 billion.

ETH-ETF

Outflows from spot Ethereum ETFs from August 19 to 23 totaled $44.5 million, according to SoSoValue. This negative trend continued for the second consecutive week.

Net withdrawals for the entire period increased to $464.7 million.

Total outflows from the Grayscale Ethereum Trust (ETHE) rose to $2.53 billion. On August 23, the figure increased by $9.8 million.

Inflows into ETHA from BlackRock reached $1 billion.

FETH from Fidelity attracted a total of $390.5 million, ETHW from Bitwise — $312.2 million, ETH from Grayscale — $235.8 million.

Inflows into other products ranged from $10.8 million to $63.1 million.

As reported by CoinShares, the increased demand for Bitcoin funds was linked to Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium, where he confirmed the possibility of a rate cut in September.

Earlier, experts noted several factors that could reignite a bull run for the leading cryptocurrency.