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Bitcoin ETFs See Biggest Weekly Inflow in 10 Months During Rally
Spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week as the original cryptocurrency surged.
The 13 US-listed funds drew in a net $1.92 billion, the most since early October last year, according to data compiled by Bloomberg. The inflow came as Bitcoin gained about 23% last week, its biggest weekly increase in more than three years. It was trading around $77,000 at noon Monday in Singapore.
Bitcoin’s Rally Leans on Fears That Fiscal Strains Are Mounting
Crypto’s true believers suddenly have a spring in their step again.
Just days ago, Bitcoin still looked trapped in a market that had spent months grinding lower. Then, almost out of nowhere, it ripped toward $80,000, notching its best weekly gain in years and reviving the memes, the HODL chants and the conviction that momentum itself can pull crypto higher.
Rocket-ship emojis returned to X, bear-market obituaries resurfaced and Michael Saylor posted an AI-generated nightclub meme urging followers to “buy Bitcoin, hold 10 years, ignore the noise, survive the fears.”
Tom Lee Named BMNR, MSTR, COIN as Top Picks for Fresh Crypto Bull Run
Fundstrat’s Tom Lee named BMNR, MSTR, and COIN as top crypto proxies Friday while flagging this week as one of Bitcoin’s (CRYPTO: BTC) 10 most important days of the year.
Lee posted on X that among 17 large-cap crypto stocks, three stand out as the strongest proxies.
BMNR (NASDAQ:BMNR) carries the highest correlation to Ethereum (CRYPTO: ETH) at 80%, MSTR (NASDAQ:MSTR) leads Bitcoin-linked stocks at 78%, and Coinbase (NASDAQ:COIN) tracks both assets at 74%, making it the best crossover pick in the group.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Friday was $307.45 million. The total net asset value of Bitcoin spot ETFs is $96.07 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.17%. The Bitcoin spot ETF with the highest net inflow on Aug 21 was iShares Bitcoin Trust, with a net inflow of $239.28 million, according to SoSoValue.
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