US Bitcoin ETFs log $760 million of net inflows this week…BlackRock accounts for 80%

US spot Bitcoin (BTC) exchange-traded funds (ETFs) saw net inflows totaling $760 million this week. BlackRock, the world’s largest asset manager, led the buying.

According to crypto data analytics firm SoSoValue on the 15th (local time), spot Bitcoin ETFs recorded about $767 million in net inflows this week, marking a third consecutive week of net inflows. Crypto news outlet Ethnews said, “(This week’s net inflows are) equivalent to purchasing roughly 11,117 bitcoins,” adding that “institutional buying accelerated in a week when Bitcoin rebounded from $66,000 to above $70,000.”

BlackRock was the main driver of the ETF inflows. It bought about 8,730 bitcoins via ETFs this week, accounting for roughly 78% of total net inflows. It was followed by Fidelity (2,170), VanEck (211), Bitwise (135) and ARK 21Shares (96).

US spot Ethereum ETFs posted net inflows of $160 million this week. That is equivalent to about 62,000 ether, extending the streak of weekly net inflows to three weeks.

Fidelity led the inflows, buying about 50,000 ether through its ETF. Grayscale (3,416), ARK 21Shares (517) and Franklin Templeton (390) followed. By contrast, Bitwise sold 3,373 ether via its ETF this week.

Unusual fund flows were seen in US spot XRP ETFs. SoSoValue said about $28 million flowed out of spot XRP ETFs this week, the second consecutive week of net outflows. It was the second time since last January that spot XRP ETFs have logged net outflows for two straight weeks.

Meanwhile, total net inflows into all US spot crypto ETFs this week were estimated at about $867 million. Total assets under management across the ETFs stood at $106 billion.