US investors poured half a billion dollars into spot bitcoin ETFs last week, with roughly half of those flows entering the offerings on Friday.
The $506 million moving into the BTC funds marked the highest weekly total since July 22 to July 26, Farside Investors data shows. The segment tallied $535 million of net inflows over that span.
Friday was the day of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium, during which he noted: “The time has come for policy to adjust.”
Read more: Powell confirms September rate cut, stocks and cryptos rally
“Interestingly, the majority of those inflows were on Friday, following the dovish comments from Jerome Powell, indicating bitcoin’s sensitivity to interest rate expectations,” CoinShares research head James Butterfill wrote in a Monday report.
Indeed, the US-listed BTC funds notched $252 million on the last day of the week — the highest one-day net inflow total since July 22, during which the funds reeled in $486 million.
US spot ether ETFs did not follow suit from a flows perspective, as $45 million trickled out of those funds last week, including nearly $6 million on Friday.
The ETH ETFs have collectively posted negative net flows of $465 million during their first month on the market. They have been dragged down by the higher-priced Grayscale Ethereum Trust (ETHE), which has so far lost more than $2.5 billion in assets.
Read more: One month in the books for US spot ETH ETFs
The bitcoin funds — after seven and a half months of trading — are closing in on the $18 billion net inflow mark.
Bitcoin’s price was about $63,400 at 11:30 am ET — down 1.3% in the past 24 hours, but up 8.5% from a week ago.
ETH was trading at roughly $2,720 at that time — marking a 1% decline in the last day, but a 4% in the past seven days.
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