The US spot bitcoin and the ETF management scale increased markedly last week, but the new funding is not the main source. The data show that, as of the week of 21 August, the combined net inflow of the two types of funds was about $2.6 billion, while the overall management volume increased by about $23.3 billion, driven mainly by currency price increases.

Inflow of funds was $2.6 billion

SoSoValue data show that US spot bitcoin ETF net inflows of $1.92 billion and ETF net inflows of $697.2 million, totalling approximately $2.6 billion, were in the United States this week. This is the best week of two products since October 2025.

However, in the light of the change in management scale, the funds requisition is not a major driver. Bitcoin ETF management increased from $76.6 billion to $961 billion, 25.4 per cent weekly; ETF management from $10.5 billion to $14.3 billion, 35.9 per cent weekly. The combined increase was approximately $23.3 billion.

About $20.7 billion from currency price increases

By the above-mentioned calibre, after deduction of a net inflow of $2.6 billion, the growth of some $20.7 billion was due to the appreciation of the warehouse assets themselves rather than to the continued inflow of new funds. In other words, the size of the ETF has increased considerably, mainly because of the higher cost of bitcoin and the Etherwood held by the Fund.

Last week, bitcoin rose from about $62,000 to a one-time breakthrough of $79,000, a weekly increase of about 24 per cent; and the Ethershop rose from under $1900 to above $2500, an increase of about 30 per cent. The currency went up fast, and the market value of the ETF hold was raised.

Three factors push up the market

It was mentioned that the round was driven mainly by three factors. First, the United States Treasury doubled the scale of its long-term national debt buy-back programme, driving the weakening of the dollar and raising market attention to counter-inflation assets. Second, Trump met with the encryption executives at the White House and urged Congress to move forward on the Clarity Act.

Thirdly, the increase was amplified by empty patches. As prices broke through critical areas, traders were forced to settle their bets on bitcoin. It was reported that, within 24 hours, approximately $3 billion of empty warehouse space had been liquidated, and another approximately $1 billion had been cleared the following day, and the chain of purchases continued to push up prices.

Still net outflows during the year

Despite strong performance last week, the funding gap since 2026 has not been fully repaired. It was reported that Bitcoin ETF remained net out during the year and ETF remained in negative range. Net outflows of the two categories of products combined have narrowed from $5.7 billion to $3.1 billion during the year.