August has started strong for crypto. SoSo Vale data indicates that Spot Bitcoin [BTC] ETFs have seen inflows of $853.54 million, the best weekly performance since April.

Notably, BlackRock’s IBIT led with $693.5 million in inflows, followed by Fidelity’s FBTC with $116.5 million.

This is notable given that the recent Coldcard hack severely damaged Bitcoin, resulting in the loss of 1,719 BTC, or roughly $111 million. 

Is there a catch?

A recent CryptoQuant analysis suggests that ETF inflows indicate that capital is moving into Bitcoin ETFs. However, they do not always reflect growing optimism about the broader crypto market.

New cash inflows, portfolio rebalancing, investors moving between ETFs, or…