Published: August 12th, 2026
US spot Bitcoin ETFs attracted $853.5 million in net inflows across five consecutive trading sessions last week, according to SoSoValue data, marking a sharp reversal from the $61.5 million outflow recorded the week before.
The inflows lifted cumulative net subscriptions to $52.18 billion. BlackRock's IBIT accounted for roughly $690 million, or about 80% of the week's total, according to Algoz Technologies.
Friday's flows included $86.7 million for IBIT and $41 million for Fidelity's FBTC. Invesco's BTCO recorded a $19.4 million outflow, while VanEck's HODL lost $10.6 million.
The pace began to tail off at week’s end. Daily inflows fell from $128.7 million on Thursday to $98.9 million on Friday. The ETFs ended the week holding about $79.5 billion in assets, equivalent to roughly 6.1% of Bitcoin's market capitalisation.
The renewed demand arrives at a delicate point for risk assets. US employment data came in well below expectations, with employers cutting 23,000 jobs in July against forecasts for a 95,000 increase. Markets subsequently reduced the probability of a September Federal Reserve rate increase, with CME FedWatch putting the odds at 40% on Friday before raising them again to 46% on Monday.
The latest figures suggest TradFi's appetite for Bitcoin hasn't evaporated. What's less clear is where the market goes next.
A note from HashKey Research said the buying may be down to a combination of portfolio rebalancing and basis trading, with softer employment data and declining expectations for higher interest rates making risk assets more attractive.
The firm's analysts also noted a change in the relative appeal of Bitcoin. AI-linked equities had recently absorbed substantial amounts of global risk capital. Their softer performance has given investors reason to look elsewhere.
The $60,000 to $61,000 range has emerged as an important Bitcoin support zone. The market has tested that range repeatedly, making it a useful reference point for investors assessing whether the recent weakness represents consolidation or the start of another leg lower.
A note from HashKey counselled caution, saying the ETF inflows aren't big enough yet to confirm a trend reversal. CoinShares analysts were more optimistic. Its research team said the cycle lows were probably behind the market, while also expecting Bitcoin to remain range-bound for two or three months, with a potential move towards $80,000.
CoinShares also identified evidence of accumulation among large holders. Whales have recorded three consecutive weeks of accumulation after selling roughly $40 billion worth of Bitcoin since October 2025.
The broader digital-asset market recorded $1.05 billion of inflows into investment products last week, according to CoinShares. That measure covers more than US spot Bitcoin ETFs and marked a fifth consecutive positive week.
Another, more unusual explanation for ETF inflows is making the rounds. Analysts at Bloomberg Intelligence noted that IBIT, FBTC and several other funds have recorded inflows every day since the Coldcard exploit began draining Bitcoin from air-gapped wallets. The correlation is close enough to invite speculation, although it doesn't quite constitute evidence.
The hack has created an unusual market dynamic. Bitcoin holders who fear losing coins through compromised storage may have more incentive to move assets into regulated custodial structures, including exchange-traded funds.
Exchange deposits offer another piece of the puzzle. Figures from CryptoQuant show that transfers of less than 10 BTC reached 7,300 BTC on July 31, the highest level since February. Holders appeared to be moving coins for safety, the firm said, while stressing that the connection to the Coldcard losses was not certain.
Algoz Technologies described the ETF performance as the strongest week since April and characterised current prices as an opportunity for "bottom buying". The firm expects little major movement before mid-September, when the US Senate is due to revisit the Clarity Act and the Federal Reserve meets again.
Political uncertainty is another variable. Polymarket traders on Monday put the probability of the Clarity Act becoming law this year at 21%, up from the 14% figure cited by CoinShares on August 6. The market is still assigning a much greater probability to failure than passage.
Bitcoin's supply dynamics offer another reason for crypto traders to watch the market closely.
A wallet beginning with "14vMEC" became active on August 10 after roughly 12 and a half years of inactivity. The address first received Bitcoin on January 31, 2014, when the cryptocurrency traded below $1,000.
The full balance was swept into a new address at 07:03 UTC. Based on an average acquisition price of about $803 per Bitcoin, the transaction represented a potential gain of roughly $1.73 million, or about 7,975%.
Moving Bitcoin to a new address can serve several purposes, including consolidation, custody changes or preparation for a later transaction. The interest lies partly in what such transactions reveal about Bitcoin's early supply.
Coins accumulated when Bitcoin was a small and thinly traded experiment can still return to circulation more than a decade later. Their owners have effectively been sitting on an unusually valuable piece of digital archaeology.
Another dormant whale moved 49.97 BTC last week after more than 14 years of inactivity. An analysis by by Arkham Intelligence said the coins were acquired in July 2011 at roughly $10 each, and subsequently sent towards a wallet belonging to FalconX.
The two transactions form part of a broader pattern. Dormant wallets have repeatedly become active during the past two years, including a cluster of addresses that moved about $2 billion worth of Bitcoin in January 2024. Another holder recently transferred 3,000 BTC worth more than $349 million after more than ten years of inactivity.
For the ETF market, the immediate signal is more straightforward. Institutional buyers have returned, but they have not yet demonstrated that they intend to stay.
