U.S. spot bitcoin exchange-traded funds (ETFs) posted their ninth straight day of inflows on Wednesday as investor interest in bitcoin rekindled due to a number of factors.
Data from SoSo Value shows that total daily net inflows (excluding weekends) from July 5 to 17 totaled approximately $1.97 billion.
This round of capital inflows was the longest in a single month, with these 11 funds experiencing positive capital inflows for 19 consecutive days between May 13 and June 7.
As analysts highlight, the growing demand for U.S. spot Bitcoin ETFs is driven by supply shortages following the halving and the upcoming launch of a spot Ethereum ETF next week.
Additionally, analysts predict that interest rate cuts by the Federal Reserve and changes in the political landscape in Washington, D.C. could help push the asset’s price to $100,000 by the end of the year.
US Bitcoin ETF continues to rise
The world’s leading cryptocurrency by market capitalization has recovered the heavy losses it suffered earlier this month. On July 3, the price of Bitcoin fell below $62,000, a 14% drop. Since then, BTC hit a low of $53,550 on July 5.
Saturday’s assassination attempt against former President Donald Trump boosted the price of Bitcoin over the weekend. Following the incident, the price of the crypto reached a two-week high of over $62,450.
The demand also impacted U.S. Bitcoin ETFs, which on Tuesday saw their largest single inflow of $422.6 million since June 5, when $488.2 million came in.
Trump’s explicit support for cryptocurrencies “significantly impacted” the prices of Bitcoin and Ethereum. In this way, Trump’s eventual victory could further boost cryptocurrency prices. At the same time, Trump “changed his mind” in supporting digital assets because he knew he could win more voters with this new pro-crypto stance.
As of writing, Bitcoin is trading at $64,835, according to CoinGecko, a weekly gain of more than 10%.
Bitcoin price chart from last week. Source: Coingecko
