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.
Bitcoin also faces a longer-term technical hurdle. On-chain analytics firm CryptoQuant has pointed to a bull market confirmation tied to Bitcoin’s 365-day moving average, near $83,000. BTC has repeatedly failed to close above that level, despite its rally from the mid-$60,000s.
Inflow Streak Comes to an End
The nine-day Bitcoin ETF inflow streak that carried into last week’s total ended on Aug. 28. Funds recorded a $201.81 million net outflow that day. Even so, August remains 2026’s strongest month on record for the products, with more than $3 billion in net inflows.
Whether Bitcoin can convert renewed ETF demand into a decisive break above $80,000 may depend on the Fed’s next moves. A close above its 365-day moving average would help, too, something it has not managed since the rally began.