Bitcoin (BTC) Price Rallies 23% to $65.8K as ETF Inflows Hit Six-Week High of $422.5M

The U.S.-listed exchange-traded funds that closely track bitcoin's (BTC) spot price are back in demand and how.

U.S.-listed exchange-traded funds (ETFs) that track bitcoin’s (BTC) spot price saw a strong demand on Tuesday, with the 11 funds amassing a combined net inflow of $422.5 million, according to data tracked by Farside Investors and Coinglass.

This marks the highest single-day tally since June 5, extending the seven-day winning streak. BlackRock's IBIT ETF led the pack, recording an inflow of over $260 million, which is a giant share of the total 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 of around $53,500 on July 5, CoinDesk data shows.

In addition to the ETF inflows, the price recovery may be linked to the exhaustion of selling pressure from Germany's Saxony state, a 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 also notable that Vance advanced crypto legislation at a moment when he knew he was being considered by Trump for VP," FRNT Financial stated in its newsletter on Tuesday. "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."

"Moreover, given that Trump can only serve another four years if elected, the VP decision was also seen as a choice on political succession," the newsletter continued. "It is additionally encouraging for the crypto community that Trump’s seeming political successor is a BTC holder and has prioritized crypto-friendly legislation."

It's also likely that with the supply overhang from Saxony in the past, the crypto market is catching up to 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.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which owns Bullish, Block.one; both companies have琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬琬

The above is the detailed content of Bitcoin (BTC) Price Rallies 23% to $65.8K as ETF Inflows Hit Six-Week High of $422.5M. For more information, please follow other related articles on the PHP Chinese website!