The iShares Bitcoin Trust (IBIT) fund from investment company BlackRock attracted the most money—$691.5 million—shows SoSoValue. The inflow of funds was accompanied by a decline in trading activity: the weekly trading volume of bitcoin fund shares fell from $19 billion to $14.5 billion. The strongest month for bitcoin ETFs since last September was August of this year, with a capital inflow of $3.52 billion.
Spot ETFs tied to ether also recorded a positive inflow of funds, raising $218.4 million over the week. The trading volume of these products decreased from $6.3 billion to $4.1 billion. In August, $ETH-ETFs attracted $1.85 billion, marking the best monthly performance since last August.
According to Zeus Research analyst Dominick John, the sustained capital inflow into cryptocurrency ETFs indicates investment companies' desire to gradually increase their investments in bitcoin. The renewed interest in spot ETFs on $BTC and $ETH is creating real demand for these cryptocurrencies, without the speculation using leverage, the expert believes.
Bitcoin is currently trading around $79,000, although last Thursday it momentarily reached $81,700. Over the past 24 hours, the $BTC rate has remained virtually unchanged. The Zeus Research analyst expects bitcoin to continue moving towards the $82,000–85,000 range. According to John's estimates, economic events could become the main factor for growth. Traders are currently monitoring U.S. jobless claims data, which is to be published on September 10, as well as the Consumer Price Index (CPI), which will be released on September 11. These indicators could provide insight into the future policy of the U.S. Federal Reserve (Fed), bond yields, and liquidity—investors may transfer capital to high-risk assets if necessary.
According to Bitwise Chief Investment Officer Matt Hougan, the inflow of capital into cryptocurrency exchange-traded funds, along with the proliferation of stablecoins and asset tokenization, could trigger a new bull cycle in the cryptocurrency market.
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