HomeBitcoinBitcoin ETF Inflows Reach $422.5M, the Highest in Six Weeks

Bitcoin ETF Inflows Reach $422.5M, the Highest in Six Weeks

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Bitcoin ETFs See Surge in Demand as BTC Price Rallies

The U.S.-listed exchange-traded funds tracking bitcoin’s spot price are experiencing a surge in demand, with a cumulative net inflow of $422.5 million recorded on Tuesday, the highest single-day tally since June 5. This trend has continued for seven consecutive days, with over $1 billion flowing into these funds in just the last three days.

Leading the pack is BlackRock’s IBIT, which amassed over $260 million in inflows on Tuesday alone. Other funds such as FBTC also saw significant inflows, highlighting investors’ confidence in bitcoin’s price prospects.

The recent price surge of bitcoin, which has climbed 23% to $65,800 since hitting a low near $53,500 on July 5, is attributed to various factors. These include the exhaustion of selling pressure from Germany’s Saxony state, the increased probability of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election, and Trump’s decision to appoint BTC-holder and Ohio Republican senator James David Vance as vice president.

Vance, who has been a supporter of BTC and digital assets since 2021, recently circulated a draft version of crypto legislation, signaling the growing political relevance of crypto in the U.S. economy. Analysts at FRNT Financial noted that Trump’s choice of Vance as VP indicates a commitment to crypto-friendly policies, further boosting optimism in the crypto community.

In addition to political developments, the crypto market is also catching up to the sustained rally in technology stocks on Wall Street. Despite reports of creditor reimbursements from Mt. Gox on Tuesday, BTC prices remained resilient, indicating strong market sentiment.

Overall, the surge in demand for bitcoin-tracking ETFs reflects a growing confidence in the digital asset’s future prospects, driven by a combination of market dynamics and political developments.

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