August 2026 has set a bullish tone for crypto. According to The Kobeissi Letter, investors are now putting large amounts of money into both crypto and gold funds at the same time.
Last week alone saw crypto funds recording $3.2 billion in inflows, marking their biggest weekly inflow since October 2025.
August was bullish for crypto
In this influx, BlackRock’s IBIT stole the spotlight as it attracted $928 million after receiving another $1.3 billion the week before. In other words, IBIT alone brought in more than $2.2 billion over two weeks.
Besides Bitcoin [BTC] ETFs, other altcoin ETFs, including Ethereum [ETH], Solana [SOL], XRP, Hyperliquid [HYPE], and Dogecoin [DOGE], all continued to maintain their inflow streak.
In other words, the overall crypto funds averaged $1.3 billion of inflows per week for four consecutive weeks, the strongest four-week pace in about ten months. However, there is also an interesting aspect attached to this, and that is the shift from Bitcoin toward Ethereum and other major crypto assets.
Is a shift imminent?
According to AMBCrypto’s recent analysis, the crypto demand has rotated rather than reversed.
This is because U.S. Bitcoin ETFs ended a nine-day inflow streak with $202 million in outflows but still attracted $925 million for the week, while IBIT alone received $938 million. Meanwhile, Ethereum ETFs saw $824 million in weekly inflows and another $102 million on 28th August, extending their inflow streak to 10 sessions.
Solana and XRP ETFs also attracted fresh capital. This overall ETF sentiment suggested that investors may be shifting towards altcoins before the September effect kicks in.
Remarking on the same, Scott Melker, widely known as “The Wolf of All Streets,” said,
The bid rotated. It did not reverse.
Final Summary
- BlackRock’s IBIT took the top spot as it attracted $928 million in the past week.
- However, there is a shift appearing where investors are rotating their funds from Bitcoin to altcoins.