After a shaky July in terms of ETF performance, the Bitcoin funds started August with a bang, attracting more than $800 million in the first full week of the month.
This coincided with the underlying asset’s price revival, as BTC jumped from a monthly low at $62,200 on Monday to over $65,000 on Friday.
July began with big hopes as investors pulled out more than $2.4 billion out of the spot Bitcoin ETFs in May and another $4.5 billion in June. Although there were many good days throughout the seventh month of the year, it ultimately ended with a more modest net inflow of $172.43 million. Thus, it lost the July inflow war to Ethereum.
The funds attracted nearly that amount on August 3 alone, pulling in $170 million. Another $211.49 million followed on Tuesday, $244.42 million on Wednesday, $128.69 million on Thursday, and $98.85 million on Friday. Thus, the perfect all-green week was complete, and the end number stands at $853.54 million, which is actually more than all four previous weeks combined.
Moreover, it’s the best single-week performance since mid-April, when the funds were on a roll, gaining nearly $1 billion at one point. It’s also the third-best of the year, as the record still belongs to the week that ended on January 16, when the ETFs attracted $1.42 billion.
The past week has been quite positive for BTC’s price performance as well. Perhaps fueled by the ETF inflows, the asset rose from $62,200 on Monday to $65,400 on Friday after the weaker-than-expected US jobs data.
Unlike the spot Bitcoin ETFs, the Ethereum counterparts didn’t have a full red week in July, ending the month with $365 million in net inflows. Their first in August has been quite impressive as well, attracting almost $245 million.
The start of the week wasn’t as promising as investors pulled out $11.42 million. However, they changed their tune during the other four trading days, inserting $53.75 million on Tuesday, $60.86 million on Wednesday, $92.15 million on Thursday, and $49.60 million on Friday. Thus, the cumulative net inflows have increased from $11.21 billion last week to $11.46 billion.
ETH’s price has also climbed by around 3% weekly, currently trading well above $1,920 after it dipped toward $1,800 on Monday.
The post Bitcoin ETFs Log a Perfect Week as Inflows Reach a 3-Month Record appeared first on CryptoPotato.
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