Last week, the assets under management for U.S. spot Bitcoin and Ethereum ETFs rose significantly, but new capital inflows were not the primary driver. Data shows that for the week ending August 21, the combined net inflows into both funds totaled approximately $2.6 billion, while total assets under management increased by about $23.3 billion, primarily driven by rising coin prices.
Net inflow of $2.6 billion
SoSoValue data shows that for the week, U.S. spot Bitcoin ETFs recorded net inflows of $1.92 billion, while Ethereum ETFs saw net inflows of $697.2 million, totaling approximately $2.6 billion. This was the strongest week for both product categories since October 2025.
However, looking at changes in assets under management, fund subscriptions were not the primary driver. The assets under management for Bitcoin ETFs rose from $76.6 billion to $96.1 billion, a weekly increase of 25.4%; for Ethereum ETFs, assets under management increased from $10.5 billion to $14.3 billion, a weekly increase of 35.9%. Together, they added approximately $23.3 billion.
Approximately $20.7 billion came from price increases.
Calculated as above, after deducting the $2.6 billion net inflow, approximately $20.7 billion of the growth came from the appreciation of the held assets themselves, rather than continuous new capital inflows. In other words, the significant increase in ETF size is primarily due to the rising prices of the Bitcoin and Ethereum held by the funds.
Last week, Bitcoin rose from approximately $62,000 to briefly surpass $79,000, marking a weekly gain of about 24%; Ethereum climbed from below $1,900 to above $2,500, posting a weekly increase of approximately 30%. The rapid price surge directly boosted the market value of ETF holdings.
Three factors are driving the market upward
The report noted that this rally was primarily driven by three factors. First, the U.S. Treasury doubled the scale of its long-term Treasury buyback program, weakening the dollar and increasing market interest in inflation-hedging assets. Second, Trump met with executives from the crypto industry at the White House and urged Congress to advance the Clarity Act.
Third, short covering amplified the upward momentum. As the price broke through key levels, traders betting on Bitcoin’s decline were forced to close their positions. The report noted that approximately $3 billion in short positions were liquidated within 24 hours, followed by another $1 billion the next day, with cascading buy orders continuing to push prices higher.
Still experiencing net outflows this year
Despite a strong performance last week, the funding gap since 2026 has not yet been fully closed. Reports indicate that Bitcoin ETFs have still posted net outflows year-to-date, and Ethereum ETFs remain in negative territory. Combined net outflows for both products have narrowed from $5.7 billion to $3.1 billion year-to-date.