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Bitcoin ETFs pull in more than $1B in three days amid bullish sentiment
Flows topped $588.5 million since Monday into BlackRock’s iShares Bitcoin Trust, while Bitcoin rose about 10% over 24 hours to around $72,606.
Bitcoin exchange-traded funds added more than $1 billion in fresh inflows over the past three days, boosting the price of the leading cryptocurrency to nearly $73,000, according to Bitcoin Magazine and data cited from Farside Investors.
Investors bought more than $500 million worth of shares on Wednesday across funds managed by BlackRock, Fidelity, and Grayscale. The outlet also said Bitcoin hit $72,659 on Thursday before slipping slightly, and it was recently priced at $72,606, up 10.0% over the prior 24 hours.
Bitcoin Magazine reported that the largest share of this week’s investment went to BlackRock’s iShares Bitcoin Trust, which received $588.5 million since Monday. It also pointed to heavy trading activity in other products, including Morgan Stanley’s Bitcoin Trust.
The surge in ETF demand and Bitcoin’s move came as market sentiment turned bullish after President Trump met with crypto executives and regulators, urging lawmakers to pass the Clarity Act, a digital-asset regulatory framework the House passed last year but has been deadlocked in the Senate.
Bitcoin Magazine added that investors may also have been reacting to the Treasury Department announcement on Wednesday that it would more than double the size of government debt repurchases, a move associated with lower long-term yields and a weaker dollar.
It said that environment can reduce the opportunity cost of holding non-yielding assets like bitcoin and gold, both of which rose after the dollar weakened.
Latest closeGold $4,432.00 ▲1.6%|Bitcoin $72,725.00 ▲5.0%