U.S.-listed spot Bitcoin and Ethereum exchange-traded funds recorded a combined net inflow of $2.615 billion for the week ending August 21, reversing the previous week’s outflow and marking the strongest weekly performance since October 2025 as Bitcoin broke out of its six-week trading range.
The combined net inflow of $2.615 billion for the week ending August 21 completely wiped away the $392 million net outflow recorded just one week prior. According to data provided by SoSoValue, this performance represents the strongest combined weekly showing for the asset classes since October 2025.
Spot Bitcoin ETFs Capture the Lion’s Share of Capital
Bitcoin funds drove the bulk of the market’s resurgence, pulling in roughly $1.92 billion and accounting for approximately 73% of all new capital entering the two leading U.S. crypto ETF categories. As funds flowed back in, the prices of Bitcoin and Ethereum also strengthened in tandem. Bitcoin climbed more than 23% over the past week to around $77,500 on Friday, while U.S. spot Bitcoin ETFs attracted roughly $1.6 billion in net inflows from Monday through Thursday, their strongest weekly showing of 2026, according to data from The Block cited by The Wall Street Journal. Thursday alone accounted for about $606 million.
The initial rally was heavily fueled by forced buying. More than $4.3 billion in crypto short positions were liquidated as Bitcoin broke higher, creating a powerful feedback loop of short covering and rising prices.
Bitcoin’s recovery has been supported by both short liquidations and recovering spot ETF inflows
Geoff Kendrick, Standard Chartered analyst
Standard Chartered analyst Geoff Kendrick said Bitcoin’s recovery has been supported by both short liquidations and recovering spot ETF inflows, according to Cointelegraph. He now believes his previous $100,000 year-end forecast may be too low, with Bitcoin potentially retesting its $126,000 all-time high before year-end. Kendrick has not formally replaced the $100,000 target with $126,000. Instead, he views the record as a level Bitcoin could revisit if the recovery gathers strength.
BlackRock Dominates as Ethereum Products Secure a Five-Day Streak
The August 20 Bitcoin total exceeded the already-strong $517.2 million recorded on August 19. SoSoValue data shows that U.S. spot Bitcoin ETFs recorded a net inflow of $307 million on August 21, marking five consecutive trading days of positive inflows. Over the past five trading days, these products attracted $298 million, $189 million, $517 million, $606 million, and $307 million respectively, totaling approximately $1.917 billion, accounting for about 73% of the total inflow into Bitcoin and Ethereum ETFs.
As of August 21, the total net asset value of all U.S. spot Bitcoin ETFs reached $96.07 billion, accounting for approximately 6.17% of Bitcoin’s total market capitalization. Among them, BlackRock’s IBIT net inflows rose to $62.43 billion, while Fidelity’s FBTC reached $10.18 billion. Ether spot ETFs also recorded net inflows for five consecutive trading sessions, with a single-day net inflow of $185 million on August 21, completing a five-day stretch where Ether ETFs attracted nearly $700 million.
Broader Altcoin Demand and Market Structure Implications
Bitcoin, Ethereum, and XRP extended their gains, driven by continued inflows into spot Bitcoin ETFs and a broader improvement in market sentiment, according to available data. The positive momentum underscores a shift in investor confidence, with digital assets attracting renewed interest from institutional and retail participants alike. Spot Bitcoin ETFs have recorded substantial net inflows over the past period, marking one of the strongest stretches since their launch. These inflows reflect growing demand from traditional finance, as fund managers and wealth advisors increasingly allocate to crypto as part of diversified portfolios. Analysts note that sustained ETF buying often provides a floor under prices, reducing volatility and supporting long-term upside.
The trend is not limited to Bitcoin. Ethereum-based products have also seen increased activity, with several issuers expanding their offerings. This broadening of investment vehicles is seen as a maturing of the market, making it easier for institutions to gain exposure without direct custody concerns. Beyond fund flows, sentiment metrics show a marked improvement across the digital asset sector.
