- U.S. spot Bitcoin and Ethereum ETFs attracted a combined $1.1 billion last week, marking their strongest weekly performance since April.
- Bitcoin ETFs pulled in $853.5 million, with BlackRock’s IBIT accounting for more than 80% of those inflows, while Ethereum ETFs added $244.9 million.
- Strong inflows arrived despite ETF trading volumes remaining near multi-year lows, suggesting institutional demand is recovering without a major surge in overall activity.
U.S. crypto ETFs just delivered their strongest week in months, with spot Bitcoin and Ethereum funds attracting roughly $1.1 billion combined. Bitcoin ETFs led the recovery with about $853.5 million in net inflows, their best weekly result since the week ending April 17, while Ethereum products collected another $244.9 million.
Bitcoin funds recorded positive flows during all five trading sessions, with Wednesday producing the biggest daily addition at $244.4 million. Tuesday followed closely with $211.5 million, while Thursday and Friday brought another $128.7 million and $98.9 million. Bitcoin also climbed roughly 3% during the week and briefly moved above $65,300 on Friday.
BlackRock Dominates Bitcoin ETF Buying
BlackRock’s IBIT remained the clear leader, attracting approximately $693.7 million during the week. That represented more than 80% of all Bitcoin ETF inflows.
Fidelity’s FBTC added another $116.4 million, accounting for roughly 13% of the weekly total. Together, the two largest Bitcoin ETFs captured the overwhelming majority of fresh capital entering the category.
The concentrated buying suggests larger institutional products continue to dominate when demand returns. It also comes after a lengthy stretch of weakness that left Bitcoin ETFs with roughly $4.44 billion in net outflows for 2026 despite the latest recovery.
Did the Coldcard Exploit Push Investors Toward ETFs?
One unusual theory surrounding the inflows involves the recent Coldcard security exploit.
Bloomberg Intelligence ETF analyst Eric Balchunas noted that IBIT, FBTC, and several other funds have recorded daily inflows since the Coldcard incident. The exploit has reportedly resulted in at least $111 million in stolen assets, with potential losses estimated above $130 million.
The incident also triggered significant movement across the Bitcoin network. Around 890,000 BTC reportedly moved onchain over seven days, while centralized exchanges experienced unusually large inflows.
One possible interpretation is that some investors may prefer regulated ETF exposure when concerns emerge around private-key security and self-custody. However, the connection remains speculative rather than proven.
Ethereum complicates that explanation. ETH investors were not exposed to the Bitcoin-specific hardware wallet vulnerability, yet Ethereum ETFs simultaneously recorded their strongest week since April.
Ethereum ETFs Extend Their Winning Streak
Ethereum ETF demand has quietly developed into one of the stronger institutional crypto trends of recent weeks.
Spot ETH ETFs have now recorded five consecutive positive weeks, their longest winning streak of 2026. Last week’s $244.9 million total included $92.2 million of inflows on Thursday, while Monday’s $11.4 million withdrawal was the week’s only negative session.
The funds finished Friday with approximately $10.74 billion in net assets compared with $11.46 billion in cumulative net inflows. That leaves investors collectively underwater on a mark-to-market basis, although the gap has narrowed considerably from around $2 billion in mid-June.
Large Ethereum holders are also accumulating. Wallets containing between 10,000 and 100,000 ETH reportedly increased their combined holdings to a record 19.6 million ETH, compared with roughly 14 million in mid-2025.
Strong Inflows Come With Surprisingly Weak Volume
Perhaps the most interesting part of the ETF recovery is what has not happened: trading activity has not meaningfully accelerated.
Bitcoin ETF trading volume reached approximately $8.19 billion during the week, falling 9% from $9.02 billion previously. That was the second-lowest full trading week since October 2024.
Ethereum ETF volume declined even further, dropping roughly 21% to $2.38 billion.
That combination creates an unusual setup. Fresh capital is returning to crypto ETFs, but investors are not aggressively trading around those positions. If sustained, that could suggest the latest flows are being driven more by accumulation than short-term speculation.
The macro backdrop could provide another test. Bitcoin climbed above $65,000 after July U.S. payrolls unexpectedly declined by 23,000, weakening expectations for a Federal Reserve rate hike in September. Still, much of the week’s ETF buying occurred before the jobs report, suggesting institutional demand had already begun improving.
Bitcoin ETFs remain down roughly $4.44 billion for the year, while Ethereum funds are still about $873 million in net outflows. One strong week does not erase those losses, but the combination of sustained Bitcoin inflows, Ethereum’s five-week streak, and whale accumulation gives the crypto market a noticeably stronger institutional backdrop heading deeper into August.
