Stablecoin issuer Tether is one of the largest corporate accumulators of Bitcoin over the last 12 months, adding more coins to its treasury than nearly all spot exchange-traded funds (ETFs).

On Sept. 8, Tether CEO Paolo Ardoino shared data showing that the stablecoin issuer secured more than 27,700 BTC in the past year.

Of that amount, around 7,900 BTC were placed directly into the reserves backing USDT, while an additional 19,800 BTC were allocated to Twenty One Capital (XXI), a digital asset treasury fund to which Tether contributes.

The purchases put Tether ahead of several mid-tier ETF inflows, including VanEck’s HODL, Bitwise’s BITB, Ark 21Shares’ ARKB, and WisdomTree’s BTCW.

Yet the stablecoin operator’s buying remains modest compared with heavyweights like BlackRock’s IBIT, which absorbed 394,600 BTC, Grayscale’s mini Bitcoin trust, which added 44,200 BTC, and Fidelity’s FBTC with 27,900 BTC.

Ardoino’s breakdown highlights how the company has divided its Bitcoin strategy between backing its stablecoin and building longer-term investment positions.

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Tether’s Bitcoin embrace

Tether began its structured Bitcoin acquisition in May 2023, pledging to allocate 15% of quarterly profits to the asset. That commitment established the company as one of the few major corporate actors with a standing policy to direct profits into Bitcoin.

However, its strategy has also faced scrutiny. Recently, YouTuber Clive Thompson claimed Tether had sold more than $1 billion worth of Bitcoin to help fund a $1.6 billion gold purchase, citing changes in the company’s public asset disclosures.

Ardoino responded by saying the decline in visible Bitcoin reserves was tied to transfers into XXI, not liquidations. He reiterated that Tether plans to maintain a diversified reserve strategy that includes Bitcoin, gold, and real estate.

Despite the debate, Tether’s holdings now total 100,521 BTC, valued at roughly $11.36 billion at current market prices.

Data from Bitcoin Treasuries ranks the company as the third-largest corporate holder of Bitcoin worldwide, trailing only Strategy, which recently rebranded as Strategy, and Block.one.

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BlackRock’s iShares Ethereum (ETH) Trust ETF (ETHA) recorded $1.244 billion in weekly inflows from Aug. 18-22, ranking second among all 4,400-plus ETFs tracked during the period.

NovaDius Wealth president Nate Geraci noted in an Aug. 29 post via X that only Vanguard’s S&P 500 ETF outperformed ETHA’s with $1.711 billion in weekly flows.

He also highlighted the significance of ETHA appearing among “heavy hitters” in weekly inflow rankings, demonstrating institutional appetite for Ethereum exposure.

Further, Bloomberg ETF analyst James Seyffart reported on Aug. 29 that Ethereum ETFs have accumulated nearly $10 billion in inflows since July, marking substantial momentum for the asset class.

Before this surge, Ethereum ETFs had recorded negative $400 million year-to-date flows, amounting to approximately $2.5 billion, according to Farside Investors’ data.

Capital rotation

Market conditions indicate that capital is rotating from Bitcoin to Ethereum throughout August. While Bitcoin ETFs registered $800 million in outflows through Aug. 28, Ethereum ETFs accumulated $4 billion in inflows during the same period, per Farside Investors tracking.

The inflow disparity reflects evolving institutional preferences as investors diversify cryptocurrency allocations beyond Bitcoin.

Additionally, retail participation accelerated in tandem with institutional interest. DeFiLlama data shows that Ethereum achieved a monthly spot trading volume record of $135 billion as of Aug. 29, surpassing the previous high of $117.6 billion from May 2021.

The institutional adoption is not limited to exposure through ETFs, as corporate Ethereum adoption accelerated significantly during the summer months.

Strategic ETH Reserve data reveals corporate Ethereum treasuries increased from $2.3 billion to $19.1 billion between June 1 and Aug. 29.

In token terms, corporate reserves expanded from 916,268 ETH to 4,438,352 ETH over the same period, representing approximately 3.7% of total ETH supply.

The treasury accumulation pattern, combined with the increasing number of institutions adding ETH, suggests institutional recognition of Ethereum as a treasury asset.

ETHA’s performance demonstrates the integration of Ethereum into mainstream investment flows, with crypto products competing directly against established equity and bond ETFs for investor capital.

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U.S. spot Bitcoin ETFs bought about 1,620 BTC on Aug. 28, roughly 3.6 times the approximately 450 BTC miners create each day.

Per Farside Investors, net inflows totaled $178.9 million, the fourth consecutive positive session into Aug. 28. The supply side is fixed by protocol changes made in April 2024, when the block subsidy fell to 3.125 BTC, or about 450 BTC per day at an average 10-minute block time.

The demand impulse is directly measurable in coins. Using prices near recent trading levels, the Aug. 28 net dollar flow equates to around 1,600 BTC purchased by ETF vehicles in a single day, while new issuance remains near 450 BTC.

If that demand repeats over a span of sessions, it draws directly on the tradable float because ETF creations are backed by spot holdings in custody. Aug. 25 through Aug. 28 all printed positive totals, a sequence that coincided with a post Jackson Hole reset in rate expectations after Chair Jerome Powell said policy conditions may warrant easing, as shown in the Federal Reserve’s posted remarks.

Positioning through the fourth quarter centers on two linked variables, flow persistence and price elasticity. A simple translation of daily dollars into coins shows the scale.

At $50 million in average daily net creations, ETFs would absorb roughly 13,600 BTC over 30 trading days, 27,100 BTC over 60, and 40,700 BTC over 90.

At $100 million, the draw becomes about 27,100 BTC, 54,200 BTC, and 81,300 BTC over the same intervals.

At $150 million, the totals reach about 40,700 BTC, 81,300 BTC, and 121,900 BTC. A second lens fixes demand in issuance multiples, where one, two, and three times daily issuance over 60 trading days align to about 27,000 BTC, 54,000 BTC, and 81,000 BTC, respectively.

None of these figures embed a flow-to-price coefficient; they map the potential coin withdrawal relative to the steady 450 BTC of new supply.

Holdings data frame the available float. Trackers show roughly 1.292 million BTC now sit inside U.S. spot ETFs across issuers, led by IBIT, which holds about 747,000 BTC, according to WalletPilot’s ETF dashboard.

As creations accumulate shares, the underlying coins consolidate at custodians, which can amplify spot price sensitivity when order books are thin. The effect toggles with flows, and recent months have seen alternating streaks of creations and redemptions, a pattern visible in the rolling tables on Farside Investors.

Macro policy remains the background variable. Powell’s Aug. 22 Jackson Hole speech outlined a willingness to adjust rates as labor conditions evolve, which markets read as a higher probability of near-term easing.

Lower policy rates can recalibrate relative demand for duration and hedge assets, a channel that has historically supported gold and, by extension, spot-backed bitcoin funds when allocations are flowing.

The limits of this setup are straightforward. Dollar flows are volatile by day, creation mechanics vary by issuer, and price changes modify the BTC per dollar translation. Still, the arithmetic of the past week isolates the core dynamic.

On Aug. 28, U.S. spot funds added $178.9 million, about 1,620 BTC at recent prices, against roughly 450 BTC of new issuance. Aug. 28 was the fourth consecutive inflow day for the group.

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Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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August 18, 2025

Digital asset investment products recorded $3.75 billion in inflows last week, the fourth-largest on record, signaling a sharp rebound in institutional appetite after weeks of muted sentiment.

The surge was highly concentrated, with iShares capturing the bulk of the flows through a single product, according to a Monday report from CoinShares.

Total assets under management (AuM) climbed to a record $244 billion on August 13, boosted by price gains across major cryptocurrencies.

US Accounts for 99% of $3.75B Crypto Inflows

The United States dominated activity, accounting for 99% of inflows ($3.73 billion).

Canada ($33.7 million), Hong Kong ($20.9 million), and Australia ($12.1 million) posted smaller contributions, while Brazil and Sweden recorded outflows of $10.6 million and $49.9 million, respectively.

Ethereum led the charge with $2.87 billion in inflows, representing 77% of the weekly total and pushing its year-to-date inflows to a record $11 billion.

By comparison, Bitcoin drew $552 million last week, with YTD inflows representing just 11.6% of its AuM versus Ethereum’s 29%.

Other altcoins also attracted strong interest. Solana saw $176.5 million in inflows, and XRP $125.9 million.

Meanwhile, Litecoin and Ton suffered small outflows of $0.4 million and $1 million, highlighting a continued concentration of investor interest in larger-cap digital assets.

Notably, spot Bitcoin and Ether ETFs recorded their busiest week ever, according to Bloomberg ETF analyst Eric Balchunas.

In just four trading days, trading volumes hit $40 billion, with Ether ETFs accounting for $17 billion — a new weekly record.

“ETHSANITY: Ether ETFs weekly volume was about $17 billion, blowing away [the] record, man did it wake up in July,” Balchunas wrote on X.

Nate Geraci, president of ETF firm NovaDius, echoed the sentiment, noting that spot Ether ETFs “absolutely obliterated” their prior record. He added: “Wonder if there are any ‘no demand’ naysayers still out there.”

Grayscale Moves Forward With Dogecoin ETF Plan

As reported, Grayscale is pushing ahead with its bid to launch a Dogecoin exchange-traded fund, revealing the ticker “GDOG” in its latest US Securities and Exchange Commission filing.

The company said Friday it plans to rename its existing Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF.

If approved, the fund would list on NYSE Arca, which has already filed paperwork to support the listing. “The Shares are expected to be listed on NYSE Arca under the ticker symbol ‘GDOG,’” the filing stated.

Grayscale’s proposal enters a crowded field. Competitors Rex-Osprey and Bitwise have also submitted applications for similar products as the SEC weighs dozens of crypto ETF requests.

Recent filings cover a wide spectrum, from SOL- to XRP-tracking funds, reflecting a shifting regulatory climate under the Trump administration.

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news…

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August 15, 2025

A clean neckline break has flipped the script on $WIF. On August 15, the memecoin completed a textbook head-and-shoulders pattern, breaking below $0.94 and setting sights on $0.65, a bearish shift that threatens to erase weeks of bullish momentum.

While whale inflows and new validator developments fueled earlier momentum, the asset’s price movement now reflects growing selling pressure and fading bullish strength. Without a strong recovery above resistance, $WIF may remain under pressure as sentiment shifts defensively across the meme token landscape.

Beyond the Beanie: Why WIF’s Whale Accumulation and New Utility Could Indicate a Bullish Rebound

The original pink knitted hat worn by Achi, the Shiba Inu mascot of $WIF, sold for 6.8 BTC (approximately $800,000) on the Bitcoin Ordinals marketplace, Ord City. Bags founder Finn placed the winning bid, pledging to “return it to the community.”

While $WIF cooled off, Solana’s memecoin spotlight shifted to rivals like $BONK and newcomers such as Pepeto. The shift in attention shows how rapidly narratives evolve in the meme sector, making sustained relevance a constant challenge.

Despite the recent price drop, on-chain data presents a compelling narrative of growing fundamental support for $WIF.

In July, whales actively accumulated the token, adding a substantial $39 million worth of $WIF to their holdings. This accumulation is particularly noteworthy given that the top 100 addresses control over 771 million tokens. $WIF now leads in whale inflows.

A 2% decrease in exchange balances over the past 30 days further reinforces the idea that large holders are moving tokens off exchanges for long-term storage, a traditionally bullish sign that reduces immediate selling pressure.

This whale behavior, combined with the fact that $WIF’s holder count has now surpassed 250,000, highlights growing community adoption.

While $WIF’s value is deeply rooted in its meme status, the project is taking steps to add a layer of utility.

In a major move, DeFi Development Corp announced the launch of the Official DogWifValidator—DFDV Powered validator, allowing holders to earn a share of validator-generated revenue (after operational costs). This marks a shift toward utility for the meme coin, leveraging Solana’s proof-of-stake mechanics.

Through all the price swings, $WIF has maintained strong visibility and trading support. The token enjoys listings on major centralized exchanges like Bybit, OKX, and HTX.

This multi-platform presence not only supports healthy trading volume but also helps stabilize market behavior during volatility. Analysts suggest a consolidation for a bullish breakout to $2.

$WIF Faces Breakdown Risk After Topping Formation and Sustained Selling Pressure

$WIF’s recent trend has shifted from bullish to potentially bearish, with a textbook head-and-shoulders pattern forming on the 4-hour chart.

This pattern has a peak (formed in the shape of a “head”) joined by two lower peaks, otherwise known as the “shoulders.” A neckline connects the troughs between the peaks. A break below this neckline confirms the reversal.

As observed in the chart, $WIF’s trend reversal is further validated by a clean neckline break around $0.94, setting the stage for a projected move toward the $0.65–$0.66 area. Price has now retested the underside of that neckline but has failed to reclaim it convincingly.

The volume chart also displays aggressive sell deltas, especially during the breakdown and the subsequent attempt to bounce.

Cumulative delta remains negative, with multiple 4-hour candles printing high sell imbalances, particularly at market lows, a sign that bears remain active and are absorbing bullish attempts.

In addition, the RSI hovers just above 40, avoiding oversold extremes but suggesting waning bullish momentum. The MACD histogram continues to decline below the baseline with a flattening signal line crossover, further reflecting a loss of upward momentum.

With the 20-period SMA now trending below the 100-period SMA, the short-term bias has turned bearish. Price also remains trapped below both moving averages, adding weight to the downside case.

For bulls to invalidate this breakdown, WIF would need to reclaim the $0.94–$0.96 range with strong volume and positive delta shifts. Until then, downside continuation remains the likely path.

If the projected target of the head and shoulders formation plays out, the next key levels of interest lie around $0.80 for interim support, and eventually $0.65 as the measured move completes. Traders should monitor volume reactions at each support test to gauge potential absorption or capitulation.

The tone of trade has turned defensive, and unless bulls step in with conviction, WIF may continue retracing deeper.

On-Chain Data Shows ETH Long-Term Bullish, Short-Term Vulnerable

In a QuickTake post on CryptoQuant, CryptoOnChain shares insights on Ethereum’s future price movement based on recent exchange activity. The digital asset analyst notes that after rallying from the $2,400 zone, ETH has climbed to around $4,215, just shy of the strong $4,400 resistance level that has historically acted as a significant supply barrier. While momentum indicators such as the MACD and buying volume remain positive, the approach toward this resistance is accompanied by potential for near-term selling pressure.

Meanwhile, CryptoOnChain also reveals that on-chain exchange metrics reveal a divergence between broader market behavior and activity specific to Binance. Notably, Ethereum’s Exchange Supply Ratio (ESR) across all exchanges has recorded a steady decline since 2022, now standing at approximately 0.16. This development suggests that investors are steadily moving ETH off trading platforms, thereby reducing sell-side liquidity and strengthening the market confidence in the asset’s long-term price outlook.

However, Binance’s ESR has been climbing since early 2025, now hovering near 0.04. This localized increase indicates that some ETH holders are moving coins back into Binance, potentially for short-term profit taking, arbitrage opportunities, or to participate in exchange-specific programs. Adding to the cautious tone, Binance’s exchange netflow has recently seen a notable surge in positive inflows, as Ethereum nears key resistance at $4,400, signifying potential intent to sell.

The combination of these metrics paints a picture of long-term strength but short-term vulnerability for the Ethereum market. From a macro standpoint, the ongoing decline in the all-exchange ESR points to a healthier supply-demand balance for ETH. However, the localized buildup of ETH on Binance, which is the world’s largest exchange, coupled with heightened net inflows, suggests that sellers may be preparing to take profits in the immediate term.

Ethereum Price Forecast

At press time, Ethereum trades at $4,230, reflecting a 4.62% gain in the last day. However, the asset’s daily trading volume has declined by 12.08%.  Considering the current ESR report, CryptoOnChain outlines two scenarios.

In a bullish scenario, a swift drop in Binance net inflows or a leveling off in the exchange’s ESR could open the door for ETH to push decisively past the $4,400 mark, with $4,800 as the next price target amidst the possibility of revisiting all-time highs. Conversely, if strong inflows into Binance persist and the price fails to clear $4,400, ETH could face a short-term pullback, potentially retracing to the $3,950–$4,000 support zone before mounting another breakout attempt.

New data from senior Bloomberg analyst Eric Balchunas reveals that US crypto ETFs (exchange-traded funds) beat out Vanguard’s renowned S&P 500 ETF (VOO) in July.

In a new thread on the social media platform X, Balchunas notes that US crypto ETFs had a staggering $12.8 billion worth of inflows in July, outpacing all other ETFs, including VOO, which currently has $713.13 billion in assets under its management.

“US Crypto ETFs took in $12.8 billion in July, the best month ever, [at] a $600m/day pace, about double [the] average. As a group, that’s more than any single ETF did, including the Mighty VOO.

Further, every ETF in [the] category took in cash (ex the converted trusts) w/ Bitcoin and Ether making equal contributions. Most all-around dominant performance since the Eagles ended the Chiefs in the Super Bowl. Will be hard to top.”

The analyst goes on to say that asset management titan BlackRock’s iShares Bitcoin Trust ETF (IBIT) is doing well and drawing in new customers.

“Amazing stat: 75% of the investors who bought IBIT ($87 billion via one million people) were first-time customers of BlackRock. And 27% of them went on to buy another iShares ETF. Just a total coup for BLK all around.”

According to Balchunas, IBIT – which launched in January 2024 – had a significant hand in Bitcoin’s (BTC) massive price growth over the last two years.

“1) ETFs hold BTC at a 1:1 ratio. There is no lending, there is no paper IOUs. ETFs are clean and above board and every dime of AUM is connected to the proportional Bitcoin.

2) Zoom out: Bitcoin is up nearly 300%(!) since the infamous BlackRock filing two years ago. ETF flows big part of that.

3) From what I am hearing on here, the selling is annoyed OGs who don’t like that Wall St. and the government has adopted BTC. I guess they prefer BTC to have intermediaries like Sam Bankman-Fraud instead.”

Bitcoin is trading for $113,763 at time of writing, a 3.2% decrease on the day while IBIT and VOO are valued at $64.27 and $572, respectively.

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Crypto exchange-traded funds on U.S. exchanges recorded their strongest month ever in July, attracting $12.8 billion in net inflows as investor enthusiasm surged alongside rising token prices and optimism around regulation.

The data, reported by Bloomberg Intelligence’s Eric Balchunas, marks a new monthly record for the sector. The only month that came close was November 2024, when markets rallied on the election of Donald Trump, who was widely viewed as favorable to crypto interests.

This time, bullishness may be driven less by politics and more by fundamentals. The crypto market, as tracked by the CoinDesk 20 Index, jumped over 21% in July. Bitcoin

rose 7%, topping a new all-time high of $122,408 during the month.

Much of the action centered around BlackRock’s iShares Bitcoin Trust (IBIT), which has quietly grown into a financial giant. With over $86 billion in assets, IBIT now outpaces established ETFs like the S&P 500-tracking IVV and the Russell 2000’s IWM. The fund’s higher fee structure makes it more lucrative for BlackRock than even its flagship equity products.

These gains may be just the beginning. Earlier this week, the Securities and Exchange Commission approved in-kind creation and redemption for all spot Bitcoin and Ethereum ETFs, a technical change that’s expected to improve efficiency and appeal for institutional investors.

For large asset managers, in-kind redemptions let them swap crypto assets without triggering taxable events or facing liquidity crunches—making the funds easier and cheaper to manage at scale.

Spot Ethereum (ETH) exchange-traded funds (ETFs) are close to breaking the $10 billion mark in inflows this month, as BlackRock’s ETHA makes its way to the spot of fourth-largest ETF by inflows in the last 30 days.

According to Farside Investors’ data, spot Ethereum ETFs accumulated $9.3 billion in inflows as of July 25. This represents a 120% increase from the $4.2 billion registered on July 1, marking 16 consecutive days of inflows.

The average daily inflow is $233 million, which would total over $930 million in the four trading days left in July. 

Even if the average doesn’t repeat itself, the ETFs require $162.5 million daily to reach $10 billion, and 13 out of 16 trading days with inflows have surpassed this amount.

ETHA leads the inflows by a large margin, accounting for $9.34 billion in total flows, nearly four times the $2.35 billion in inflows of Fidelity’s FETH. In July, the BlackRock fund represented 91% of the total.

ETHA joins the “big boy club”

Bloomberg senior ETF analyst Eric Balchunas highlighted that ETFs took $97.6 billion in inflows in the past 30 days. ETHA took the spot as the fourth-largest ETF, showing nearly $3.9 billion in inflows, roughly 4% of the total.

Moreover, Balchunas noted that ETHA registered the 17th-largest trading volume among ETFs as of July 28, 11:25 am ET. He added:

“$ETHA 17th most traded ETF today Top 0.4% of all ETFs, first time I recall seeing it in there. Given it is up 5% today and still pretty new a lot of this volume is gonna convert to inflows.”

As of press time, ETHA’s daily trading volume stands at $1.35 billion, according to data from CoinMarketCap.

Rising conviction in Ethereum

Shawn Young, chief analyst at MEXC Research, assessed that the rising inflows are driven by both institutional whales and corporate treasury firms’ appetite for ETH. 

In a note, he said this growth reflects the increased conviction in Ethereum’s utility, sustainability, and long-term staying power, particularly due to its use in tokenization, stablecoins, and on-chain settlement.

He concluded:

“The rise of Ether ETF AUM to over $20 billion, which represents almost 5% of Ether’s total market cap, speaks to this growing strategic asset role it’s now occupying in institutional portfolios.”

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