Bitcoin ETFs Pulled In Near $1 Billion Last Week, So Why Is BTC Stuck Below $80,000?
US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded $924 million in net inflows from Aug. 24 to Aug. 28. BlackRock's iShares Bitcoin Trust (IBIT) led with $938 million, according to SoSoValue data. Despite the demand, Bitcoin's price stayed stuck below $80,000.
Spot Ether (ETH) ETFs added $824 million over the same stretch. BlackRock's ETHA fund led that category too, extending its own inflow streak to 10 straight trading days. Both products drew strong institutional demand, even as Bitcoin struggled to hold its recent gains.
Why Bitcoin's Price Isn't Following ETF Money
The stall traces largely to the Federal Reserve. Fed Chair Kevin Warsh delivered a hawkish keynote at the Aug. 28 Jackson Hole Economic Policy Symposium.
He warned that inflation remained a bigger concern than the labor market and declined to rule out a rate hike. Bitcoin slid from around $79,500 to below $77,000 in the hours that followed. Traders priced in higher odds of a hike at the Fed's September meeting.
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