U.S. Spot Bitcoin ETFs Pull In $853.5M Over Five Sessions as September Rate-Hike Odds Ease

U.S.-listed spot Bitcoin ETFs posted five straight sessions of net inflows last week, drawing $853.5 million and reversing the prior week's $61.5 million net outflow. Cumulative net inflows since launch rose to $52.18 billion, with Bitcoin trading around $65,000 on Monday morning. BlackRock's iShares Bitcoin Trust (IBIT) led the rebound, taking in about $690 million—roughly 80% of the week's total. On Friday, IBIT added $86.7 million and Fidelity's FBTC brought in $41 million, while Invesco's BTCO saw $19.4 million in outflows and VanEck's HODL lost $10.6 million. The concentration suggests demand has been strongest for a small number of products rather than a broad-based rush into the entire category. Momentum cooled into the end of the week. Daily net inflows slowed from $128.7 million on Thursday to $98.9 million on Friday. Total assets across the spot Bitcoin ETF complex stood near $79.5 billion, about 6.1% of Bitcoin's overall market capitalization. Macro signals appear to be driving the shift. U.S. employers cut 23,000 jobs in July versus expectations for a 95,000 gain. Following the report, CME FedWatch implied odds of a September rate hike dropped from 55% to 40% on Friday, then ticked up to 46% by Monday. Some analysts say the weaker labor data has improved the case for risk assets, though the policy path remains uncertain. HashKey researcher Tim Sun also cited softness in AI-linked equities as a potential source of capital rotation into less crowded trades. He highlighted $60,000 to $61,000 as a technical support zone that has been tested repeatedly. Views on whether the inflows signal a lasting turn remain mixed. Sun cautioned that the move is insufficient to confirm a trend reversal given ongoing rate-hike risk and still-elevated long-term Treasury yields. CoinShares' James Butterfill took a more constructive stance, arguing the cycle lows may be in, while expecting Bitcoin to trade sideways for two to three months, with a possible move toward $80,000. The takeaway for markets is restraint rather than exuberance: capital has returned to spot Bitcoin ETFs, but investors are still looking for clearer evidence that macro pressure is easing before treating the rebound as a durable rally.