Bitcoin ETFs Draw Record $517M in One-Day Inflows Amid Crypto Price Surge
US spot Bitcoin exchange-traded funds (ETFs) drew in a significant $517.2 million on Wednesday, marking their largest single-day investment since May 4.
This influx pushed August net inflows to $1.47 billion and brought the total investment to about $1 billion since Monday.
August's net inflows already exceeded this week's by a significant margin, with the current total reaching $1.47 billion, surpassing January 16's record of $1.42 billion for the strongest weekly net inflow.
Crypto prices surged on Wednesday, and market analysts attributed this growth to various factors, including the US Treasury's decision to expand buybacks of longer-dated government debt and renewed attention on crypto regulation.
Jonatan Randin, senior market analyst at PrimeXBT, stated that the Treasury's signal 'pushed yields and the dollar lower,' causing gold and silver to outperform equities, resulting in a currency event rather than a growth one.
Bitcoin reacted similarly to gold and silver, trading near $72,000 on Thursday, up 11% from the previous day, while Ether rose by 19% to $2,286.