US spot Bitcoin ETFs took in $517.2 million on Wednesday, their largest single-day haul since early May, as Bitcoin neared $72,000 and Ether jumped 19%. The rally followed a US Treasury move to expand debt buybacks and a White House push for crypto legislation.
Bitcoin ETFs post biggest inflow since May
US spot Bitcoin ETFs recorded $517.2 million in net inflows on Wednesday, their largest single-day investment since May 4. That pushed August net inflows to $1.47 billion.
The funds have taken in about $1 billion since Monday. That is already their strongest weekly net inflow since the week ended Jan. 16, when they attracted about $1.42 billion.
Treasury buybacks and the CLARITY Act push
Crypto prices rallied on Wednesday as the inflows arrived, alongside a US Treasury decision to expand buybacks of longer-dated government debt. Renewed attention on crypto regulation followed, after President Donald Trump urged Congress to advance the CLARITY Act at a White House event.
According to Cointelegraph: "Bitcoin moved with gold and silver rather than with risk appetite", said Jonatan Randin, senior market analyst at PrimeXBT.
Ether ETFs gain as Ether jumps 19%
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. That brought this week's inflows to about $291.5 million.
Source: Cointelegraph.com News
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