US Bitcoin ETFs See Massive $517M Single-Day Surge, Biggest Since May
Wednesday marked a milestone for US spot Bitcoin ETFs as they captured $517.2 million in investments, representing the largest daily intake since May 4 and pushing weekly totals beyond $1 billion.
United States spot Bitcoin exchange-traded funds (ETFs) captured $517.2 million in net inflows this past Wednesday, marking their most substantial single-day capital injection since May 4, bringing August's total net inflows to $1.47 billion.
Since Monday, the investment vehicles have accumulated approximately $1 billion, already establishing this as their most robust weekly net inflow period since the week that concluded on Jan. 16, during which they secured roughly $1.42 billion.
The capital influx occurred as cryptocurrency valuations surged on Wednesday, coinciding with the US Treasury's announcement to expand repurchase programs for longer-maturity government securities and heightened focus on cryptocurrency regulatory frameworks following President Donald Trump's call to Congress to move forward with the CLARITY Act during a White House gathering.
"The Treasury signalling it'll step in at the long end pushed yields and the dollar lower, and gold and silver outperformed equities on the day, so the market priced this as a currency event rather than a growth one,"
Jonatan Randin, senior market analyst at PrimeXBT
"Bitcoin moved with gold and silver rather than with risk appetite, which is what the debasement trade looks like when it's working," he said.
Bitcoin traded near $72,000 at the time of writing on Thursday, up 11% in the last 24 hours, according to CoinGecko. Ether rose 19% to $2,286.
Spot Ether ETFs logged $189.2 million in net inflows on Wednesday, bringing this week's inflows to about $291.5 million.