American spot exchange-traded funds for Bitcoin and Ethereum experienced their strongest capital inflow since October 2025. Over the trading week from August 17 to 21, $2.6 billion flowed into these instruments, signaling the return of institutional risk appetite.
Bitcoin ETFs were the main beneficiaries, attracting $1.92 billion. Ether funds also showed impressive momentum, receiving $697.18 million, more than offsetting the $391.96 million outflow recorded the previous week. This is clear evidence of a shift in sentiment among major players.
Record inflows and a surge in trading activity
Particularly telling is the fact that Bitcoin funds recorded net inflows for five consecutive trading days. The culmination came on August 20, when $606 million was poured into crypto ETFs in a single day — the best result since May. Trading volumes also soared: over the week, trading volume in Bitcoin ETFs reached $22.15 billion, nearly three times the figures of the previous week.
It is important to note that this surge occurred against the backdrop of a correction. The cumulative net inflow into Bitcoin funds is still 14.4% below the October 2025 peak ($62.77 billion versus the current $53.71 billion). However, the momentum is obvious: investors are actively returning to the market, viewing current prices as an attractive entry point.
Growth in asset value: a 9-fold excess over inflows
Inflows alone do not explain the full picture. The total value of assets under management for both ETF categories rose by approximately $23 billion, while new investments amounted to only $2.6 billion. This means that the main driver of growth was the revaluation of the coins themselves: Bitcoin funds, excluding new inflows, appreciated by 22.9%, and Ether funds by 29.2%. The lion's share of this growth occurred over three trading days — from August 19 to 21.
At the time of analysis, BTC was trading around $76,230, and ETH was at $2,406. The market has clearly entered a phase of active recovery after a prolonged consolidation.
Altcoin funds: a new wave of interest
Interest in digital assets was not limited to the "majors." Altcoin funds also recorded steady inflows. The leader was the XRP ETF with $39.78 million and a record weekly turnover of $271.74 million. In second place were Solana (SOL) products with $28.34 million, which have shown positive momentum for eight consecutive weeks.
Chainlink (LINK) deserves special attention: the inflow of $13.35 million was the second-best result since the launch of these funds in December 2025. The Hyperliquid (HYPE) ETF attracted $3.89 million, bringing the total value of its assets to a record $360.39 million. Rounding out the list are Dogecoin (DOGE) funds with a modest $654,416.
My analysis: The current momentum is not just a short-term spike but a systemic signal. Institutions are using the correction to build positions, with interest shifting toward highly volatile altcoins, indicating growing risk appetite. However, one should not forget: the market remains sensitive to macroeconomic triggers, and the sustainability of this trend will be tested in the coming weeks.