Bitcoin and Ethereum ETFs saw $23B in AUM growth last week, but only $2.6B was new inflows; the rest came from price appreciation.
Macro & Markets ·
U.S. spot Bitcoin and Ethereum ETFs grew $23 billion in total assets for the week ending August 21, their strongest week since October 2025, but only $2.6 billion came from new investor deposits—the remaining $20.7 billion resulted from price gains as Bitcoin rose roughly 24% and Ethereum climbed about 30%. The price movement was driven by the Treasury's expanded bond-buyback program, White House meetings between President Trump and crypto executives, and a short squeeze that liquidated approximately $3 billion in bearish positions within 24 hours.