- Wintermute said institutional flows are improving as spot Bitcoin and Ether ETFs recorded about $1.1 billion of net inflows.
- It said Bitcoin's gains remained limited, suggesting ETF buying is being absorbed by market supply, and that it is too early to say a structural inflow trend has taken hold.
- Wintermute said the odds of a September rate increase and the upcoming CPI report will be key variables for the risk-asset rebound and whether ETF buying continues.
Forecast Trend Report by Period
Institutional flows into spot Bitcoin and Ether exchange-traded funds improved last week, with about $1.1 billion of net inflows, Wintermute said. Bitcoin’s gains were comparatively limited, however, suggesting ETF buying was absorbed by selling elsewhere in the market.
In its weekly market update on Aug. 11, the global digital-asset market maker said US spot Bitcoin ETFs drew $853.5 million of net inflows last week. The products logged inflows for five straight trading days, their strongest week since mid-April.
Spot Ether ETFs posted $244.9 million of net inflows, extending their run of gains to five consecutive weeks. Combined net inflows into Bitcoin and Ether ETFs totaled about $1.1 billion. BlackRock accounted for more than 80% of inflows across the two products.
"ETF inflows have returned, but this needs to be watched a bit longer," Wintermute wrote. "It is difficult to conclude from a single week that a structural inflow trend has formed."
