**U.S. Spot Bitcoin ETFs See $853.5 Million Inflows Amid Renewed Institutional Interest**
Last week, U.S. spot Bitcoin ETFs recorded five consecutive sessions of net inflows, totaling **$853.5 million**, according to data from SoSoValue. BlackRock’s IBIT led the surge, drawing around **$690 million**—approximately 80% of the week’s total. Bitcoin itself traded near **$65,000** on Monday morning, roughly **48% below** its October 2025 peak.
### The Macro Read
Tim Sun, senior researcher at HashKey, told *Decrypt* that the flows mark a return of institutional interest after a brief pullback from the AI craze. He pointed to weakening U.S. employment data and falling rate-hike expectations as key catalysts. July nonfarm payrolls showed a loss of 23,000 jobs versus expectations of 95,000 gains, and CME FedWatch odds for a September rate cut dropped to 40% from 55%.
Sun noted that softer AI-linked equities have reduced pressure on global risk capital, pushing money into less crowded assets like Bitcoin. He identified **$60,000–$61,000** as key support levels the market has repeatedly tested.
That said, Sun cautioned that the inflows aren’t yet enough to signal a trend reversal. Rate-hike odds haven’t disappeared, and long-dated Treasury yields remain elevated. James Butterfill of CoinShares echoed this sentiment, stating that while cycle lows may be behind, Bitcoin could remain range-bound for two to three months, potentially testing **$80,000**.
### The Coldcard Theory
Bloomberg ETF analyst Eric Balchunas offered an alternative explanation. He noted that IBIT, FBTC, and several other ETFs have seen **daily inflows since the Coldcard exploit**, where hundreds of BTC were drained from air-gapped wallets. Balchunas called the correlation “hard to ignore” and suggested that the theft from cold storage might ironically mark the start of the next leg up. *Decrypt* also reported that exchange deposits of sub-10 BTC transfers hit **7,300 BTC on July 31**, the highest since February, with CryptoQuant noting holders were moving coins for safety.
### What Could Break the Range?
With the recent inflows being described as the strongest since April, investors appear to view current prices as a “bottom-buying” opportunity. However, Wundke and Butterfill both pointed to the **Clarity Act** as a potential catalyst, with its next congressional window in mid-September. Traders are pricing in just a **21% chance** of the bill passing this year.
Others are looking to the Middle East. An Iran peace deal, for instance, could dampen inflation fears and temper rate-rise expectations—a scenario that would be bullish for risk assets like Bitcoin. For now, with holiday malaise keeping volumes thin, the market feels like it’s stuck in **“Groundhog Day.”**
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### FAQ
**Q: How much did U.S. spot Bitcoin ETFs record in inflows last week?**
A: U.S. spot Bitcoin ETFs recorded **$853.5 million** in net inflows over five consecutive sessions.
**Q: Which ETF saw the largest inflows last week?**
A: BlackRock’s **IBIT** drew about **$690 million**, representing roughly 80% of the week’s total inflows.
**Q: What was Bitcoin’s price performance compared to its October 2025 peak?**
A: As of Monday morning, Bitcoin traded around **$65,000**, which is approximately **48% below** its October 2025 record high.
**Q: What macro factors are driving the renewed inflows?**
A: Weaker-than-expected U.S. employment data and falling rate-hike expectations have reduced pressure on risk capital, prompting a shift toward assets like Bitcoin.
**Q: Could the Clarity Act affect Bitcoin’s price in the near term?**
A: Yes. The next window for the Clarity Act is in mid-September. If passed, it could provide significant regulatory clarity and act as a bullish catalyst.
**Q: What is the “Coldcard theory”?**
A: The theory suggests that the **Coldcard exploit**, which drained BTC from air-gapped wallets, may have triggered renewed inflows into spot ETFs. The timing of the hacks aligns with a shift from outflows to consistent ETF inflows.
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### Conclusion
U.S. spot Bitcoin ETFs are showing strong momentum after recording $853.5 million in inflows over five sessions, with BlackRock’s IBIT capturing the lion’s share. While institutional interest appears to be resuming, analysts caution that this may not yet signal a long-term trend reversal. Macro factors such as the Clarity Act and Middle East developments could shape Bitcoin’s next move, but for now, the market remains in a cautious, range-bound phase.
