US spot Bitcoin ETFs pulled in roughly $854 million over the past week, their strongest showing since the spring, with $102 million of that arriving on Friday alone as the week's total inflows reached $865 million. The rebound follows an unusually rough stretch for the funds: an eight-week outflow streak running through June and into early July had drained more than $8 billion from the products before flows began to turn.
Ether ETFs also posted a strong week, taking in $244 million in net inflows. On a market-cap-adjusted basis, that's roughly equivalent to $1.25 billion worth of Bitcoin ETF inflows, underscoring how much investor appetite has shifted toward Ether funds relative to the size of each market.
Weak Jobs Data Did the Heavy Lifting
Decrypt reported that the turnaround was driven by a combination of positive earnings reports and a disappointing July employment print, which together pulled the market-implied odds of a September rate hike down from 67% to 42%. Lower odds of further tightening tend to make risk assets, bitcoin included, more attractive relative to cash and short-duration bonds.
A Fragile Recovery After a Record Drawdown
The scale of the prior outflow makes last week's rebound look more modest in context. June alone set a record for spot Bitcoin ETF outflows, with roughly $4.0 billion to $4.5 billion exiting the products that month, before a brief reversal in early July snapped a 10-day, $2.7 billion outflow streak on the back of an earlier round of soft jobs data. Even after last week's $854 million haul, the funds have recouped only a fraction of what left during the two-month drawdown — and the recovery itself has been uneven, with the streak briefly extending to three weeks in late July before wavering again.
Related: Bitcoin ETFs Post Best Week Since April on $853M Inflow
BlackRock has been a consistent driver of whatever direction the group is moving in, a pattern that held again as the asset manager's funds led both the earlier outflow reversal and this week's broader haul across its bitcoin and ether products. When BlackRock's flows turn, the rest of the field has tended to follow within days rather than lead the move.
With September's rate decision still weeks away, the next major catalyst for ETF flows is likely to be incoming inflation data rather than the Fed meeting itself — a dynamic that has repeatedly moved these funds more than the rate decisions they're ultimately pricing in.
