BTC Surges as $1 Billion Flows into Crypto ETFs Amid Bullish Market Sentiment
Bitcoin exchange-traded funds (ETFs) saw significant inflows over the past three days, taking in over $1 billion. This surge is likely driven by a bullish market sentiment that has been bolstered by recent developments. On Wednesday, investors bought more than $500 million worth of shares in BlackRock's iShares Bitcoin Trust and other ETFs managed by Fidelity and Grayscale.
The price of BTC spiked to around $72,659 before dropping slightly, trading near $72,606, a 10% 24-hour gain. This increase comes as the Treasury Department announced plans to more than double its government debt repurchases, reducing long-term yields and supporting risk-on sentiment. Both Bitcoin and gold saw significant gains following this announcement.
President Trump's meeting with crypto executives at the White House also contributed to the bullish market sentiment. He urged lawmakers to pass the Clarity Act, which aims to establish a framework for distinguishing between digital assets that are securities, commodities, or payment stablecoins. The act has been stuck in deadlock since its passage by the House of Representatives last year.