Bitcoin ETF Inflows Reach $422.5 Million, a Six-Week High

US-listed exchange-traded funds, which closely track Bitcoin’s spot price, are once again in demand.

Yesterday, 11 funds recorded cumulative net inflows of $422.5 million, the highest single-day value since June 5, extending a seven-day winning streak, according to data tracked by Farside Investors and Coinglass.

BlackRock’s IBIT accounted for a huge chunk of the cumulative inflows, with over $260 million in inflows. FBTC attracted $61.1 million, while GBTC, DEFI, and other funds excluding BTCW each attracted less than $30 million.

These funds have collectively recorded over $1 billion in inflows in the past three days alone, once again demonstrating investors’ confidence in bitcoin’s price prospects.

According to CoinDesk data, BTC has risen 23% to $65,800 after falling to around $53,500 on July 5. The price recovery is likely due to the exhaustion of selling pressure from the German state of Saxony, the dramatic improvement in the chances of pro-crypto Republican candidate Donald Trump winning the November 4 US presidential election, and Trump’s decision to appoint BTC holder and Ohio Republican senator James David Vance as his vice president.

Vance, who has emphasized that he has supported BTC and digital assets since 2021, brought up the draft of crypto legislation last month.

According to a report published yesterday by FRNT Financial, “It is noteworthy that Vance put forward crypto legislation as soon as he learned that he was being considered for vice presidency by Trump. This highlights the newfound political side of crypto and also the fact that digital asset policy has become part of the Republican vision for the US economy.”