Bitcoin ETF Inflows Hit Six-Week High: A Bullish Sign?
Bitcoin (BTC) has been on a tear lately, surging 23% since hitting lows near $53,500 on July 5th. This rally has been fueled by a number of factors, including strong inflows into Bitcoin ETFs.
U.S.-listed Bitcoin ETFs saw a cumulative net inflow of $422.5 million on Tuesday, the highest single-day inflow since June 5th. This strong demand for Bitcoin ETFs highlights investors' confidence in the future of Bitcoin.
BlackRock's IBIT led the charge, attracting over $260 million on Tuesday alone. This massive influx of capital is a clear indication of institutional interest in Bitcoin. Other major ETFs like FBTC also saw significant inflows, drawing $61.1 million on Tuesday.
The recent rally in Bitcoin is also likely due to the exhaustion of selling pressure from Germany's Saxony state, the improved probability of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election, and Trump's decision to appoint Bitcoin holder and Ohio Republican senator James David Vance as vice president.
Vance's strong stance on crypto and his recent crypto-friendly legislation are seen as positive signs for the Bitcoin community. The crypto market may also be catching up to the sustained rally in technology stocks on Wall Street.
Despite news of renewed creditor reimbursements from defunct exchange Mt. Gox on Tuesday, Bitcoin prices remained resilient, suggesting that the market is focused on the broader bullish outlook.
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