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Last week, spot Crypto ETFs saw yet another strong inflow. That totaled $5 billion across Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP.
Bitcoin ETFs led the show with over $900 million in inflows. However, the crypto ETFs for altcoins registered a strong surge in demand. This indicates that the institutional appetite is growing for multiple cryptocurrencies.
Crypto ETFs See Strong Uptick In Demand
Nate Geraci, the President of NovaDius Wealth Management, said that there’s a strong uptick in the demand for crypto ETFs. Last week, these investment vehicles for BTC, ETH, SOL, XRP, and HYPE attracted a total of $5 billion in net inflows.
Spot Bitcoin ETFs accounted for approximately $3 billion, while spot Ethereum ETFs attracted around $1.5 billion. Meanwhile, spot ETFs focused on Solana, XRP, and HYPE collectively recorded approximately $400 million in inflows.
Geraci noted that the recent inflows into Bitcoin ETFs and Gold ETFs show that the debasement trade has returned. In contrast, the US equity markets continue to face volatility amid uncertain macro conditions and rising US-Iran war tensions.
Spot Bitcoin ETFs Saw $924.5 Million In Weekly Inflows
U.S. spot Bitcoin ETFs recorded approximately $924.5 million in net inflows between August 24 and August 28. BlackRock’s IBIT led the inflows with approximately $938 million during the week. However, weekly inflows declined from the $1.92 billion recorded during the previous week.
The drop on Bitcoin ETF inflows, in comparison to the week before, came as the BTC price faced a strong rejection at $82,000. For the Bitcoin rally to continue, the bulls must maintain momentum and take the price past $83,000.
Popular analyst Crypto Patel noted that if the bulls fail to take out the $83,000 resistance, BTC could fall all the way to $55,000. It means that another 30-40% correction in Bitcoin price is possible from here onwards.
Ethereum Leads the Crypto ETF Inflows
U.S. spot Ethereum ETFs recorded $824.4 million in net inflows last week, up from $697.2 million the previous week. BlackRock’s ETHA led creations with $567 million, marking its 10th consecutive inflow session. BlackRock’s Staked ETHB added another $77.3 million.
Ethereum ETF trading volume reached approximately $4.9 billion for the week. Friday remained positive, with $102.2 million in net inflows, while Bitcoin ETFs recorded outflows. Ethereum ETF inflows also nearly matched Bitcoin ETF flows in dollar terms during the last week.
