BlackRock IBIT leads $693 million of $853.54 million ETF inflows
bitcoin exchange-traded funds (ETFs) just saw $853.54 million in net inflows for the week ended Aug. 7, their best run since mid-April, according to SoSoValue.
BlackRock's IBIT ETF led with $693 million, signaling that big investors might be getting interested again after a rough start to the year that saw bitcoin drop 33% and close June under $60,000.
Bitcoin around $65,100 before US inflation
Even with all this new ETF money, bitcoin's price has stayed pretty steady around $65,100 as of August 9. This comes despite rising bond yields and a Coldcard hack shaking things up.
A weaker US jobs report cooled worries about more Federal Reserve rate hikes and brought some big players back into crypto.
Still, ETFs are down $4.5 billion for the year so far because of earlier sell-offs, and bitcoin will need consistently strong inflows to mount a meaningful price rally.
All eyes are now on the US inflation data coming August 12, which could set the tone for what happens next.