Quick Take
- U.S. spot bitcoin ETFs logged their best inflow week since mid-April, drawing about $853.5 million in a five-session inflow streak as of Friday.
- Spot ether ETFs took in about $244.9 million, also logging their best week since April and marking a fifth straight positive week.
- Bloomberg analyst Eric Balchunas tied the run to the Coldcard wallet exploit, noting several funds have drawn inflows daily since the hack.
- That does not explain the inflows of the ether ETFs, however, as the Coldcard exploit affected only certain Bitcoin cold storage wallets.
U.S. spot bitcoin and ether ETFs saw a combined $1.1 billion in inflows last week, the strongest week for either category since April, per The Block's analysis of SoSoValue data.
The spot bitcoin (BTC) ETFs took in about $853.5 million, their largest weekly total since the week ending April 17, which saw $996.4 million in inflows, per the data. Spot ether ETFs saw $244.9 million in inflows, likewise their best result since the very same week.
Last week, bitcoin ETFs recorded inflows in all five sessions, led by $244.4 million in inflows Wednesday and $211.5 million on Tuesday. Thursday and Friday saw $128.7 million and $98.9 million, respectively.
BlackRock's IBIT fund accounted for $693.7 million of the total BTC fund inflows, or more than 80% of the total. Fidelity's FBTC accounted for 13% of the total inflows, with $116.4 million, making the two largest bitcoin funds by assets under management the most significant gainers on the week.
Coldcard exploit connection？
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said in an X post Friday that BlackRock's IBIT, Fidelity's FBTC and several other funds have drawn inflows every day since the Coldcard hack, making it “hard not to see causation in the correlation.”
“Would be ironic, but somehow on brand, if the hack of btc in cold storage (seemingly worst [possible] situation) marked the beginning of next run,” Balchunas wrote.
The exploit, which surfaced July 30, has led to at least $111 million in thefts and estimated total losses could exceed $130 million, Galaxy Research said Friday.
OKX told The Block last week that the exploit drove record inflows to centralized exchanges, and research and brokerage firm K33 measured about 890,000 BTC moving onchain over seven days, a 2026 high.
Countering the Coldcard narrative, however, ether ETFs posted their own best week since April over the same five sessions, despite the fact that ether holders have no exposure to a Bitcoin-only hardware wallet vulnerability.
The category's inflow run also began on Aug. 3, several days after the vulnerability was first disclosed. Bitcoin rose about 3% on the week and touched an August high above $65,300 on Friday, when U.S. payrolls fell by 23,000 against forecasts for an 80,000 gain and traders priced out a September rate hike, The Block previously reported. Most of the week's buying preceded that release, as the two sessions after it saw the weakest inflows of the five.
Ether funds extend positive run to five weeks
Spot ether (ETH) ETFs have logged five consecutive positive weeks, their longest run of 2026, per SoSoValue data. Thursday produced the largest daily gain at $92.2 million in inflows, while Monday's $11.4 million outflow was the only negative session.
The funds held $10.74 billion in net assets Friday against $11.46 billion in cumulative net inflows, leaving them about $711 million underwater on a mark-to-market basis. That gap has narrowed from roughly $2.0 billion in mid-June.
Whales, meanwhile, are aggressively accumulating ETH, CryptoQuant said in a recent report. Wallets holding between 10,000 and 100,000 ETH have increased their balances to a record 19.6 million ETH from about 14 million ETH in mid-2025, per the report.
Volume remains near multi-year lows
Bitcoin ETF trading volume totaled to about $8.19 billion on the week, down 9% from the previous week's $9.02 billion. That's the second-lowest full trading week since October 2024; only the week ending July 24 had lower volume with $8.05 billion. Ether ETF volume came to roughly $2.38 billion, down about 21% from the prior week.
ETF volumes over time per The Block's data
The rebound has also not erased the funds' overall losses for 2026. Bitcoin ETFs remain at approximately $4.44 billion in net outflows since the start of the year, while ether ETFs are down roughly $873 million.
Bitcoin traded near $65,100 on Saturday morning, while ether changed hands around $1,920, according to The Block's Bitcoin and Ethereum price pages.
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