Analysis: Five consecutive days of net inflows totaling $854 million indicate strengthening institutional allocation characteristics in US spot Bitcoin ETFs

Odaily News - Wintermute released a report stating that the upcoming US CPI data on Wednesday will serve as a key test of whether the recent interest rate repricing can be sustained. Risk appetite in the cryptocurrency market is recovering.

US spot Bitcoin ETFs have seen net inflows for five consecutive trading days, totaling $854 million, marking the best weekly performance since mid-April; Ethereum ETFs have recorded net inflows for a fifth consecutive week, adding $245 million. BlackRock accounts for over 80% of the combined $1.1 billion inflows. These capital inflows occurred against a backdrop of relatively subdued trading volumes, more consistent with institutional scheduled allocation patterns rather than aggressive momentum buying, and have reversed the narrative of capital rotation out of Bitcoin over the past two weeks. ETF demand is now being matched by supply from other market segments. On the institutional front, Wells Fargo has announced plans to launch a tokenized deposit business this fall, initially starting with a USD-to-GBP corridor and operating on its own chain, joining JPMorgan and Citigroup in moving settlement rails on-chain.

Meanwhile, the US Senate Majority Leader submitted a motion to end debate on the CLARITY Act early Saturday morning. The bill will proceed to a procedural vote on September 15, requiring support from at least 7 non-Republican senators. Wintermute noted that improved ETF inflows remain a preliminary signal, and a single week's performance is insufficient to confirm a structural shift, especially as the entire risk asset sector has just been repriced based on one data point. If CPI comes in higher than expected on Wednesday, pushing the probability of a September rate hike back above 50%, the core logic supporting the current rally could quickly change. Key upcoming catalysts include CPI released on August 12, PPI on August 13, retail sales data on August 14, followed by the Jackson Hole symposium from August 27-29, and the cloture vote on the CLARITY Act on September 15. Until ETF inflows and digital asset treasury activity demonstrate sustainability throughout the remainder of the summer, caution remains advisable even as the market increasingly operates under institutional trading conditions.