U.S. spot exchange-traded funds (ETFs) for Bitcoin have achieved a nine-day streak of consecutive inflows as investor interest in the asset continues to surge. According to data from SoSo Value, total daily net inflows from July 5 to July 17 reached approximately $1.97 billion, marking the longest streak in a month.
The consistent inflows to U.S. spot Bitcoin ETFs are seen as a response to several positive factors driving renewed demand. Post-halving supply shortages, coupled with anticipation surrounding the upcoming launch of Ethereum spot ETFs next week, are significant catalysts cited by analysts.
Additionally, changes in U.S. Federal Reserve rate expectations and shifts in the political landscape in Washington, D.C. are contributing to bullish sentiments. Decrypt previously reported on expectations that these factors could potentially drive Bitcoin’s price to $100,000 by the end of the year.
Bitcoin, the cryptocurrency with the highest market capitalization, has bounced back from earlier losses at the beginning of the month. Weekend trading saw renewed interest following an assassination attempt on former President Donald Trump, which helped boost Bitcoin’s price.
The surge in demand has spilled over into U.S. ETFs, with Tuesday recording the largest single-day inflow since June 5, amounting to $422.6 million. Pedro Lapenta, head of research at Hashdex, highlighted the “Trump Effect” on crypto prices, attributing Trump’s vocal support for crypto as a significant factor influencing both Bitcoin and Ethereum prices. Lapenta suggested that a potential White House win for Trump, coupled with his choice of a known Bitcoin holder and crypto supporter, J.D. Vance, as his vice-presidential pick, reinforces Trump’s pro-crypto stance and could lead to more favorable industry regulations.
Overall, the ongoing streak of inflows into U.S. Bitcoin ETFs underscores the growing investor confidence and bullish sentiment surrounding cryptocurrencies amid broader economic and political developments.