Bitcoin Spot ETFs See Record Daily Inflow Amid Crypto Price Surge
Bitcoin spot exchange-traded funds (ETFs) saw a significant influx of funds on August 20, with a net inflow of $517.2 million, marking the largest daily inflow since May 4.
This surge in inflows lifted cumulative net inflows for August to $1.47 billion and totalled about $1 billion this week, the strongest net inflow trend since January 16.
The increase in funds coincided with a rise in cryptocurrency prices, with Bitcoin trading near $72,900 and rising by 5.47% over the past 24 hours and 15.34% over seven days.
Jonathan Landin, a senior analyst at PrimeXBT, attributed the market's reaction to the U.S. Treasury's announcement of an expansion of buybacks of long-term Treasury bonds, which he believes signalled intervention in the long-term market, weakening Treasury yields and the dollar.