U.S. spot Bitcoin and Ethereum exchange-traded funds pulled in a combined $453.6 million on Aug. 24, with BlackRock's funds doing most of the heavy lifting. Bitcoin climbed back above $80,000, touching a three-month high above $81,000, and Ethereum ETFs notched a sixth consecutive positive session.
BlackRock's share of the action
BlackRock's iShares Bitcoin Trust (IBIT) attracted roughly $209 million on the day, accounting for more than 60% of all Bitcoin ETF inflows. Its Ethereum fund, ETHA, added about $90.9 million — nearly four-fifths of the total daily Ethereum ETF demand. The firm managed $15.3 trillion in assets as of the end of June, so these numbers are a rounding error for the giant, but they show where institutional money is heading.
A week of heavy inflows
The single-day numbers cap a strong week. Spot Bitcoin ETFs took in about $1.92 billion over the previous five sessions, the best weekly showing since October 2025. IBIT accounted for $1.33 billion of that. Fidelity's FBTC added $293 million, and ARK Invest/21Shares' ARKB chipped in $127 million. Ethereum ETFs pulled in roughly $700 million for the week, their strongest demand in months. Combined, the two asset classes absorbed about $2.6 billion of new capital.
Trading volumes also picked up. Combined Bitcoin and Ethereum ETF volume hit roughly $29 billion during the week, a sign that the rally isn't just about a few big buys.
The short squeeze behind the move
Bitcoin's breakout was accelerated by a massive short squeeze, according to the data. That means a chunk of the price move was forced buying from traders closing bearish bets, not just fresh demand. It's a reminder that the rally can be fragile if the squeeze runs its course.
The question now is whether the momentum holds. With inflows this strong, the market is betting on more upside, but the short squeeze has a way of fading. Traders will be watching the next few sessions to see if the buying sticks.
