Bitcoin ETF Inflows Hit Six-Week High of $422.5M

BTC's price has recovered 23% since hitting lows near $53,500 on July 5.
The 11 spot BTC ETFs listed in the U.S. recorded a cumulative inflow of $422.5 million on Tuesday.
The funds have collected over $1 billion in the past three trading days alone.
BTC's price has recovered 23% since hitting lows near $53,500 on July 5.
The U.S.-listed exchange-traded funds that closely track bitcoin's (BTC) spot price are back in demand and how.
On Tuesday, the 11 funds recorded a cumulative net inflow of $422.5 million, the highest single-day tally since June 5, extending the seven-day winning run, according to data tracked by Farside Investors and Coinglass.
BlackRock's IBIT amassed over $260 million on Tuesday, accounting for a giant share of the cumulative inflows. FBTC drew $61.1 million, while others, except GBTC, DEFI and BTCW, pulled in less than $30 million each.
These funds have collectively drawn in over $1 billion in just the last three days, underscoring investors' confidence in bitcoin's price prospects.
BTC has surged 23% to $65,800 since hitting a low near $53,500 on July 5, CoinDesk data. In addition to the ETF inflows, the price recovery may be linked to the exhaustion of selling pressure from Germany's Saxony state, dramatic improvement in the probability of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election on Nov. 4 and Trump's decision to appoint BTC-holder and Ohio Republican senator James David Vance as vice president.
Vance has supported BTC and digital assets since 2021 and began circulating a draft version of crypto legislation last month.
"It is notable that Vance advanced crypto legislation at a moment when he knew he was being considered by Trump for VP. This highlights the new-found political relevance of crypto, but also the extent to which digital asset policy has become a part of the Republican vision for the US economy," FRNT Financial said in the newsletter Tuesday.
"Additionally, given that Trump can only serve another four years if elected, the VP decision was also seen as a choice on political succession. It is additionally encouraging for the crypto community that Trump’s seeming political successor is a BTC holder and has prioritized crypto-friendly legislation," FRNT added.
It's also likely that with the supply overhang from Saxony behind us, the crypto market is catching up the sustained rally in technology stocks on Wall Street. Such is the optimism that reports of renewed creditor reimbursements from defunct exchange Mt. Gox on Tuesday failed to keep BTC prices under pressure for long.
https://www.coindesk.com/markets/2024/07/17/bitcoin-etf-inflows-hit-six-week-high-of-4225m/
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