On Tuesday, the 11 U.S.-listed spot Bitcoin ETFs experienced a cumulative inflow of $422.5 million, marking the highest single-day inflow since June 5. Over the past three trading days, these funds have collectively gathered over $1 billion.
Bitcoin’s price has seen a 23% recovery, climbing to $65,800 from a low near $53,500 on July 5.
These ETFs, which track Bitcoin’s spot price, have regained popularity. Data from Farside Investors and Coinglass shows a significant inflow of $422.5 million on Tuesday, extending a seven-day streak of gains. BlackRock’s IBIT was a major contributor, securing over $260 million, while FBTC attracted $61.1 million. Other funds, excluding GBTC, DEFI, and BTCW, each drew in less than $30 million.
The recent surge in inflows reflects investor confidence in Bitcoin’s price potential. Contributing to this optimism, Bitcoin’s price has risen by 23% to $65,800 since reaching a low near $53,500 on July 5, according to CoinDesk data. The price recovery can be attributed to several factors, including a reduction in selling pressure from Germany’s Saxony state and an increased likelihood of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election on November 4. Trump’s decision to select Bitcoin advocate and Ohio Republican Senator James David Vance as his vice-presidential running mate has also played a role.
Vance, a supporter of Bitcoin and digital assets since 2021, recently circulated a draft of crypto legislation. FRNT Financial commented on this development in their newsletter, noting that Vance’s actions highlight the growing political relevance of cryptocurrency and its integration into the Republican vision for the U.S. economy. They also emphasized that Trump’s choice of Vance as a potential political successor is promising for the crypto community, as Vance has prioritized crypto-friendly policies.
Additionally, with the selling pressure from Saxony easing, the crypto market appears to be aligning with the ongoing rally in technology stocks on Wall Street. Despite reports of renewed creditor reimbursements from the defunct exchange Mt. Gox, Bitcoin prices have remained resilient.
