Bitcoin ETFs Draw Billions in New Investment Amid Debasement Trade

Bitcoin exchange-traded funds have seen a significant influx of new investment over the past week, with U.S. investors throwing $2.56 billion since last Monday.

This influx has helped push Bitcoin's price higher, with the coin recently trading for $78,302 after jumping nearly 25% over a seven-day period.

The Treasury's announcement to at least double the size of its liquidity-support buyback operations also contributed to Bitcoin's rise, as investors bought up the cryptocurrency and gold in response to concerns about debasement.

Bloomberg Intelligence ETF Analyst Eric Balchunas noted that the debasement trade was back on track, with gold and Bitcoin ETFs combining for $7 billion in flows over the past week.