Bitcoin ETFs in the US Continue 9-Day Winning Streak as Demand Soars
U.S. Bitcoin ETFs are experiencing a notable surge in investor interest, with a nine-day streak of inflows as of Wednesday. Data from SoSo Value reveals that between July 5 and July 17, excluding weekends, approximately $1.97 billion flowed into these funds.
This streak marks the longest in a month, following a period from May 13 to June 7 when these funds saw consistent inflows for 19 consecutive days. Factors such as post-halving supply shortages, Ethereum spot ETF launches scheduled for the upcoming week, and overall demand for U.S. Bitcoin ETFs are believed to be driving this increased interest.
Moreover, analysts suggest that U.S. Federal Reserve rate cuts and evolving political dynamics in Washington, D.C. could play a role in propelling Bitcoin to reach $100,000 by the year’s end, as reported by Decrypt earlier.
Bitcoin has managed to recover from earlier losses this month, notably dropping below $62,000 on July 3, experiencing a 14% decline and hitting a low of $53,550 by July 5. The recent attempted assassination against former President Donald Trump over the weekend led to a price surge for Bitcoin, pushing it to two-week highs above $62,450.
Tuesday saw the largest single-day inflow into U.S. ETFs since June 5, amounting to $422.6 million. Trump’s vocal support for cryptocurrencies has had a significant impact on Bitcoin and Ethereum prices, according to Pedro Lapenta, Head of Research at Hashdex. Lapenta highlighted a potential positive effect on industry regulation should Trump secure a White House win, with the recent selection of known Bitcoin advocate J.D. Vance as his vice-presidential pick reinforcing this pro-crypto stance.
The “Trump Effect” on crypto prices has been observed, with the market reacting positively to favorable statements and developments related to cryptocurrency.
