NEW YORK, August 9, 2026, 09:09 EDT — U.S. markets have closed, but cryptocurrency trading remains active.
- The Fidelity Wise Origin Bitcoin Fund BATS:FBTC saw inflows totaling $116.5 million over the past week, with $41 million recorded on Friday.
- The iShares Bitcoin Trust NASDAQ:IBIT from BlackRock NYSE:BLK took in 80.1% of inflows to the category.
- An unconfirmed transfer of 50,000 ether was almost quadruple FETH’s weekly inflow. The transaction was not a verified fund creation.
FBTC recorded net inflows across all five sessions last week, with the total reaching $116.5 million and experiencing a notable surge on Friday.
However, Fidelity was not the primary recipient. For each dollar that went into FBTC, IBIT saw nearly six dollars flow in.
The main takeaway for investors was concentration. Data from Farside shows IBIT and FBTC accounted for 93.6% of total net inflows into bitcoin products.
Bitcoin hovered around $64,950 on Sunday morning. Crypto exchange-traded products finished their Friday session and will resume trading on Monday, whereas spot cryptocurrency trading is ongoing without interruption.
U.S. spot bitcoin product flows, August 3–7
| Product | Weekly net flow | Share of category |
|---|---|---|
| iShares Bitcoin Trust NASDAQ:IBIT | $693.5 million | 80.1% |
| Fidelity Wise Origin Bitcoin Fund BATS:FBTC | $116.5 million | 13.5% |
| Bitwise Bitcoin ETF NYSEARCA:BITB | $25.9 million | 3.0% |
| ARK 21Shares Bitcoin ETF BATS:ARKB | $50.8 million | 5.9% |
| Other products, net | -$21.4 million | -2.5% |
| Total | $865.3 million | 100.0% |
A related report noted a $11.2 million inflow for FBTC on August 7. According to Farside, the same amount is recorded for August 6, with $41 million reported for August 7. This means Friday contributed 35.2% of Fidelity’s total weekly inflow.
Category-level figures reported by trackers showed minor differences. Farside reported $865.3 million, whereas SoSoValue, referenced by The Block, reported $853.5 million. Both datasets indicated the most robust week for bitcoin-fund inflows since April.
Trading volumes showed less strength. Bitcoin-related product turnover declined by 9% to $8.19 billion, marking the second-weakest full week since October 2024. The data suggests a pattern of deliberate allocation instead of widespread speculative activity.
Fidelity’s primary crypto offerings posted contrasting relative flows. The Fidelity Ethereum Fund (BATS:FETH) saw lower overall inflows but a higher proportion relative to its total assets.
Fidelity crypto ETPs compared
| Measure | FBTC | FETH |
|---|---|---|
| Friday last price | $56.53 | $19.10 |
| Initial estimate for AUM | $11.16 billion | $913.9 million |
| Net inflow from August 3–7 | $116.5 million | $24.2 million |
| Weekly inflow as percent of AUM | 1.04% | 2.65% |
| Portion of category inflow | 13.5% | 9.9% |
| Management fee | 0.25% | 0.25% |
Initial estimates based on Fidelity’s disclosed NAV and the number of shares outstanding.
FETH recorded weekly inflows amounting to 2.65% of its estimated assets, more than double the proportion reported by FBTC. However, FETH is still significantly smaller in size.
Fidelity designates both offerings as crypto ETPs, not traditional investment-company ETFs. While authorized participants can create or redeem shares with cash or cryptocurrency, retail investors do not have the option to swap shares for the underlying coins.
A separate standard applies to on-chain reports. According to CoinNess, a wallet obtained 50,000 ether—worth $95.73 million—from an address suspected to have links to Fidelity. The wallet subsequently transferred 36,530 ether to another address.
The transaction is visible on the blockchain. Its business intent, payment details, and link to FETH creations have not been determined.
The report reiterated speculation regarding the potential for the assets to eventually arrive at Coinbase Global NASDAQ:COIN. However, it did not provide evidence of a completed Coinbase deposit or a fund redemption.
An earlier Moomoo-linked report referred to a wallet consolidation in late July. According to Onchain Lens, 260,000 ether—valued at $499.55 million at the time—shifted to three addresses that previously received funding from wallets identified as belonging to Fidelity. The attribution was based on data from third-party analytics providers.
Wallet headlines compared to confirmed Fidelity fund movements
| Activity | Reported value | Multiple of FETH weekly flow | What investors can conclude |
|---|---|---|---|
| FETH net ETP flow, August 3–7 | $24.2 million | 1.0 times | Confirmed creation-redemption demand indicator |
| 50,000-ether wallet receipt | $95.73 million | 4.0 times | Transfer executed; purpose remains unclear |
| 260,000-ether late-July regrouping | $499.55 million | 20.6 times | Significant custody transfer, unrelated to ETP flows now |
No covered source has released an official buy or sell rating for FBTC or FETH. The most recent named guidance was tactical; Citi’s targets offer earlier context.
Analyst ratings and decision thresholds
| Analyst or institution | Date | Recommendation or stance | Main test |
|---|---|---|---|
| Eric Balchunas, Bloomberg Intelligence | August 7 | Track ongoing daily ETP inflow streak as potential sign of pivot to regulated products | See if inflows continue after the Coldcard hack |
| Jasper De Maere, Wintermute | August 5 | Seek confirmation prior to calling a lasting rebound | Bitcoin needs to convincingly move past $65,000 |
| Bitfinex analysts | August 5 | View is cautiously optimistic, no clear bottom identified | Roughly 155,000 bitcoin bought in $62,000 to $65,000 band |
| Citigroup NYSE:C, background | July 1 | Set bitcoin and ether 12-month price goals at $82,000 and $2,240 | Bearish cases at $53,000 and $1,094; no projected net ETP inflows |
Balchunas noted that the inflow trend following the hack made it “hard not to see causation in the correlation.” Still, ether products experienced their strongest week since April, which complicates the view that security concerns are limited to bitcoin. The Block
The initial flow update on Monday will indicate if Friday’s FBTC momentum continues. July’s consumer inflation figures are set for release Wednesday at 08:30 EDT. Producer-price information is scheduled for Thursday at the same hour.
Risks: Crypto assets are traded around the clock, whereas FBTC and FETH are limited to standard market hours. Gaps over weekends, tracking discrepancies, and concentrated asset exposure may heighten potential losses. Fidelity warns that investors risk losing their full investment.
For investors, creations and redemptions continue to offer the clearest measure of demand. While wallet tags can indicate custody moves, they do not serve as a substitute for confirmed fund-flow figures.
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