In the first week of August, Wall Street was busy rebuilding its cryptocurrency positions. Money flowed into Bitcoin every day, Ethereum's growth pace accelerated, and funds even reached those segments of the ETF market that had struggled to hold investor attention in recent weeks.
As a result, the broadest positive weekly performance in recent times was recorded.
Five Positive Sessions Return Bitcoin to the Lead
Bitcoin ETFs opened on Monday with inflows of $170.09 million and have not slowed down since. Another $211.49 million came in on Tuesday, with the week's peak recorded on Wednesday at $244.42 million. Inflows remained strong: $128.69 million on Thursday and $98.85 million on Friday. The total for the five days reached $853.54 million.
BlackRock's IBIT fund attracted $693.5 million, accounting for over 80% of the week's inflows. Fidelity's FBTC fund attracted $116.5 million, and the ARKB fund from ARK 21Shares attracted $50.8 million. Bitwise's BITB fund attracted $25.9 million, and Morgan Stanley's MSBT attracted $21.4 million. Grayscale's GBTC and the Bitcoin Mini Trust recorded inflows of $7.5 million and $6.8 million, respectively.
This week did see some isolated selling surges. Vaneck's HODL fund lost $53.6 million, and Invesco's BTCO recorded an outflow of $12.7 million. This continuous rise was a sharp contrast to the previous week, when Bitcoin ETFs lost $61.53 million, breaking a three-week streak of inflows.
Ether Keeps Pace While Altcoin Funds Stabilize
Ether ETFs started the week with an outflow of $11.42 million on Monday, before buyers took over the initiative. Inflows reached $53.75 million on Tuesday, $60.86 million on Wednesday, and $92.15 million on Thursday, with $49.60 million on Friday.
The weekly inflow amounted to roughly $245 million.
BlackRock once again took the lead, attracting about $212 million into its Ether products, accounting for roughly 87% of the total in this category. Ether again showed positive weekly momentum against the backdrop of continued growth in institutional investment.
The macroeconomic environment remained challenging. Federal Reserve Governor Lisa Cook stated on Wednesday that inflation is still "too high," with the year-over-year Personal Consumption Expenditures (PCE) price index rising 3.7% in June. She also noted readiness to support a rate hike if inflation does not decrease.
More cautious signals emerged from the labor market on Friday. According to the Bureau of Labor Statistics, US nonfarm payrolls fell by 23,000 in July, and the unemployment rate was 4.1%.
Smaller cryptocurrency ETFs ended the week with modest gains. XRP products attracted around $1 million after fluctuating flows: a $1.15 million inflow on Monday, a $3.58 million outflow on Wednesday, and a $3.45 million recovery on Thursday.
Solana ETFs ended the week with a gain of $144,930, thanks to a $1 million inflow on Tuesday, despite an $859,450 outflow on Thursday.
HYPE showed a more significant reversal. After three consecutive weeks of negative performance, the funds attracted $2.84 million. Buying resumed on Wednesday and Thursday following an outflow of $964,320 on Monday.
By Friday's market close, signals from the ETF desks were unusually aligned. Major investors were once again increasing their cryptocurrency allocations, and BlackRock remained at the center of this demand.
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