Two funds took in $896 million of the money. Everything else split the rest.
US-listed spot Bitcoin and Ethereum ETFs pulled in more than $1 billion in fresh cash for the week ended Aug. 7, the strongest showing for both groups since April. BlackRock’s IBIT and ETHA absorbed roughly $896 million of that combined, or more than four-fifths of the nearly $1.1 billion that landed across the two categories.
That’s not a broad rebound in appetite for regulated crypto products. That’s one asset manager.
The Bitcoin side never had a down day
Spot Bitcoin ETFs attracted $853.54 million on the week, per SoSoValue data, their biggest haul in nearly four months. Every single session was positive: $170.09 million Monday, $211.49 million Tuesday, $244.42 million Wednesday, with demand cooling into the back half of the week.
The total beat the roughly $824 million collected during the week of April 24. You have to go back to the week ended April 17, when Bitcoin funds drew about $996 million, to find a better one.
BlackRock’s iShares Bitcoin Trust, or IBIT, accounted for roughly $693 million of the weekly figure. More than four-fifths of every new dollar entering spot Bitcoin funds went to a single ticker.
Zoom out and the concentration looks less like a fluke. Since the products launched in the US in January 2024, the group has recorded more than $52 billion in cumulative net inflows and now oversees about $80 billion in net assets.
A hardware wallet failure sits right next to the timing
The inflows arrived days after disclosures of a security flaw affecting Coldcard hardware wallets.
Researchers at TRM Labs estimated that attackers drained roughly 1,816 BTC, worth about $116 million, from more than 5,200 addresses beginning July 30. Other estimates have placed losses around $130 million as researchers continue to trace the thefts.
Bloomberg Intelligence ETF analyst Eric Balchunas pointed to the timing of the fund flows following the Coldcard losses, while stopping short of claiming that affected self-custody investors had moved directly into ETFs.
He argued the breach could strengthen the case for institutional custody among investors whose main objective is long-term Bitcoin exposure rather than using the asset for transactions or censorship-resistant payments. For those investors, Balchunas said, the security infrastructure behind large financial institutions could become increasingly difficult to dismiss after a failure involving hardware designed specifically to keep Bitcoin outside the traditional financial system.
Worth being blunt about the evidence here: there is none yet linking the Coldcard breach to this week’s ETF flows. What the calendar does is put the self-custody versus institutional custody trade-off back in front of people at the exact moment regulated Bitcoin funds are seeing their best demand in months. Correlation, not causation, and anyone selling it as more than that is guessing.
Ethereum’s week started underwater
Ether funds actually improved more sharply, collecting $244.94 million for their strongest week since April and stretching their run of weekly inflows to five straight periods.
But they opened in the red. Monday brought $11.42 million of net outflows before the direction flipped hard: about $53.75 million Tuesday, $60.86 million Wednesday, $92.15 million Thursday and another $49.60 million Friday.
The five-week run has now pulled roughly $566 million into the products, the longest weekly inflow streak of the year. It’s also the longest since a 14-week stretch between May and August 2025 that attracted nearly $10 billion, which puts the current run in perspective. Five weeks and $566 million against 14 weeks and $10 billion isn’t the same animal.
Same story, different ticker
BlackRock again did most of the lifting. Its iShares Ethereum Trust, or ETHA, attracted roughly $203 million during the week, equivalent to more than 80% of the category’s total inflows.
So the best week for both Bitcoin and ETH ETFs since April was, in practice, a BlackRock week. Two products, $896 million, more than four-fifths of everything.
The rebound is real against the weaker flows that ran through much of the summer, and it’s the clearest sign in months that investors are rebuilding crypto exposure through Wall Street’s regulated vehicles. Just read it accurately: this is money consolidating into the two largest funds, not spreading across the field.
Bitcoin is +0.15% over the past 24 hours and currently sits at rank #1 by market cap.
If you’re tracking whether the recovery has legs, watch what happens to the non-BlackRock funds next week. IBIT and ETHA taking 80% of a good week tells you the category is healthy at the top. It doesn’t tell you the category is healthy.
