The U.S.-listed spot bitcoin exchange-traded funds have pulled in $754.69 million in investor funds this week, according to data source SoSoValue. That puts these funds on track for their best week since April.
“The clearest shift has come in institutional flows,” Liya Kalchev, Analyst at Nexo, said, explaining the ETF inflows.
“Spot Bitcoin ETFs have taken in more than half a billion dollars so far in August, with inflows building through the week and Wednesday alone contributing over $240 million — a sharp reversal from June, when the funds recorded their worst month on record,” Kalchev added.
Note that despite the on-chain and ETF accumulation, BTCs spot price has not yet been able to chalk out a meaningful rally. That, according to Kalchev, is a telltale sign of the kind of buyer stepping into the market right now.
“That the reversal has not yet lifted price meaningfully is itself informative: some desks argue the marginal buyer looks more tactical than convicted, and that a genuine recovery narrative likely needs a decisive close above $65,000 to take hold,” Kalchev explained.
BTCs price chart patterns point to a potential for a notable price rally. At the same time, the fact that the U.S. Senate is unlikely to vote on the Clarity Act this month presents a headwind. The Clarity Act is widely seen as the one unlocking a massive institutional bid for the cryptocurrencies.