Markets
Bitcoin ETF inflows hit six-week high of $422.5 million
U.S.-listed exchange-traded funds closely tracking bitcoin (BTC) Spot prices are in demand again and how.
On Tuesday, the 11 funds recorded a cumulative net inflow of $422.5 million, the highest single-day total since June 5, extending a seven-day winning streak, according to data tracked by Farside Investors And Coin glass.
BlackRock’s IBIT amassed over $260 million on Tuesday, representing a huge chunk of cumulative inflows. FBTC attracted $61.1 million, while others, except GBTC, DEFI, and BTCW, each garnered less than $30 million.
These funds have collectively attracted more than $1 billion in the past three days alone, underscoring investor confidence in bitcoin’s price outlook.
BTC has jumped 23% to $65,800 since hitting a low near $53,500 on July 5, CoinDesk Data. Besides ETF inflows, the price recovery may be linked to the exhaustion of sales pressure from the state of Saxony in Germany, dramatic improvement of probability of pro-crypto Republican candidate Donald Trump winning the US presidential election on November 4 and decision to appoint James David Vance, a BTC holder and Republican senator from Ohio, becomes vice president.
Vance has been a supporter of BTC and digital assets since 2021 and began circulating a draft version of crypto legislation last month.
“It is remarkable that Vance pushed ahead with cryptocurrency legislation at a time when he knew he was being considered by Trump for the vice presidential position. This highlights the new political relevance of cryptocurrencies, but also the extent to which digital asset policy has become part of the Republican vision for the American economy,” FRNT Financial said in Tuesday’s newsletter.
“Furthermore, given that Trump can only stay in office for four more years if elected, the VP’s decision was also seen as a political succession choice. It is also encouraging for the crypto community that Trump’s apparent political successor is a BTC holder and has prioritized crypto-friendly legislation,” FRNT added.
It is also likely that with Saxony’s oversupply behind us, the cryptocurrency market will catch up The sustained rise in technology stocks on Wall Street. Such is the optimism that reports of renewed repayments from creditors of the defunct exchange Mt. Gox on Tuesday failed to keep BTC prices under pressure for long.