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US spot Bitcoin ETFs ended a nine-day inflow streak after attracting $2.8 billion, while Bitcoin held near $78,000 during renewed geopolitical and market pressure. BlackRock digital assets head Robert Mitchnick said further legislation matters less for Bitcoin than for DeFi and other crypto segments.
The reversal followed nine straight days of inflows. On Thursday, BlackRock’s IBIT drew $277 million and remained the strongest contributor among the funds. IBIT’s cumulative net inflows reached $55 billion, while assets stood at $98.6 billion as Bitcoin traded near $78,500. Mitchnick said the fund continues attracting institutions, financial advisers, and direct investors.
Bitcoin still gained more than 24% in August, marking its best August since 2017 and strongest monthly increase since November 2024. Over 24 hours, BTC added 0.5%, while the CoinDesk 20 index fell 0.75%.
Mitchnick said institutional investors do not treat the CLARITY Act as essential to Bitcoin’s base case. Instead, they view further regulatory progress as possible upside.
Congress.gov lists H.R. 3633, the Digital Asset Market Clarity Act of 2025, as having passed the House. Its latest listed action came on August 8, when the Senate recorded a cloture motion on proceeding to the measure.
The bill had not reached the enacted stage in the available record. Mitchnick said the legislation carries greater importance for DeFi and other complex crypto categories, where regulation remains less settled.
What could clearer rules mean for crypto assets that still lack Bitcoin’s broader regulatory acceptance? BlackRock has already expanded into Ethereum through staking and non-staking products, while also adding a Bitcoin premium income product.
Mitchnick said the premium income strategy aims to preserve most of Bitcoin’s upside while producing annual yield and moderating volatility. He also cited cross-border payments and capital markets as stablecoin growth areas ahead of Genius Act implementation.
Bitcoin stayed around $78,000 after the first US strikes against Iran in more than a month pushed oil higher and pressured stocks. Brent crude climbed above $90 per barrel, while gold slipped to $4,440 per ounce.
The oil move added to inflation concerns after Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole speech. The probability of a September rate increase rose to 58%, according to the figures provided.
Derivatives activity also accelerated. Twenty-four-hour volume more than doubled to $183 billion, while open interest stayed near $136 billion, suggesting heavy turnover without a comparable increase in new positioning.
Total crypto liquidations reached $431 million. Ether accounted for $130 million, ahead of Bitcoin’s $100 million, while SOL, XRP, and ZEC also ranked among the larger liquidation losses. Monero futures open interest rose 15% to 637,000 tokens as XMR gained 12%. Annualized perpetual funding approached 100%, while UNI open interest rose 12% as its price gained 5%.
Meanwhile, Bitcoin futures open interest stayed below 700,000, versus 801,000 on June 4. Bitcoin’s 30-day implied volatility index fell below 40%, while Deribit options activity showed strong demand for puts at $70,000, $73,000, and $74,000.
Also Read: Gold vs Bitcoin: Why Investors are Turning to Scarcity Assets
Bitcoin ETFs ended a nine-day inflow streak after attracting $2.8 billion, while Bitcoin held near $78,000 despite geopolitical and market pressure. BlackRock sees further regulation as less critical for Bitcoin than for DeFi and altcoins, where the CLARITY Act could carry greater importance.
