American spot exchange-traded funds for Bitcoin and Ethereum demonstrated the strongest weekly capital inflow since October 2025. Between August 17 and 21, these instruments received $2.6 billion, a clear marker of the return of institutional risk appetite. This is not just a correction after stagnation, but, judging by the dynamics, the start of a new accumulation phase.
Bitcoin ETFs: Dominance and Record Volumes
The main impact was absorbed by Bitcoin funds, which attracted $1.92 billion. Notably, inflows were recorded for five consecutive trading days, with the peak on August 20, when $606 million was attracted in a single day. Trading activity also surged: weekly turnover reached $22.15 billion, nearly three times the figures of the previous week. This suggests that investors are not just entering positions but are also actively reallocating, increasing market liquidity.
The cumulative net inflow into Bitcoin ETFs, which reached an all-time high of $62.77 billion in October 2025, has declined to $53.71 billion after a period of outflows. However, the current week shows that the distribution phase is likely complete, and we are witnessing a return to an accumulation model.
Ethereum Funds: Return of Confidence
Ether funds also showed impressive dynamics, attracting $697.18 million and fully offsetting the outflow of $391.96 million recorded the previous week. The best result since October 2025 was posted on August 20, with a daily inflow of $220.77 million. Nevertheless, the total assets under management in Ethereum ETFs remain 53% below the record levels of August 2025, highlighting the potential for further recovery.
Asset Growth vs. Capital Inflows: An Important Nuance
The key point I highlight in this report: the $2.6 billion inflow is just the tip of the iceberg. The value of assets under management for both categories rose by approximately $23 billion over the week. This means that the bulk of the growth is driven by the revaluation of the coins themselves, not by new injections. Excluding inflows, Bitcoin fund assets appreciated by 22.9%, and Ethereum fund assets by 29.2%. This is a classic sign that the market is moving on price momentum, with institutional investors merely reinforcing this trend.
Altcoins: A New Wave of Diversification
Altcoin funds are not lagging behind either. The leader was the XRP ETF with an inflow of $39.78 million and a record weekly trading volume of $271.74 million. Solana funds secured the second position with $28.34 million, posting an eighth consecutive week of positive dynamics. Chainlink attracted $13.35 million—its second-best result since its launch in December 2025. Hyperliquid and Dogecoin also showed positive dynamics, indicating an expansion of institutional interest beyond "blue chips."
My take: The current week is not just a statistical spike but a signal of a shift in sentiment. The market has moved from a wait-and-see phase to active accumulation, and if price dynamics persist, we could see record highs in inflows within the coming months. However, it is worth remembering that a significant portion of asset growth is driven by volatility rather than fundamental injections, adding an element of risk in the medium term.