US Bitcoin ETFs recorded a net investment of $517.2 millions on Wednesday. It was the largest one-day investment they have seen since May 4, bringing August’s total net investments to $1.47billion.
Funds have received approximately $1 billion in net new money since Monday. It is already the strongest weekly inflow of funds since week ending Jan. 16, where they attracted around $1.42 billion.
Crypto prices rose on Wednesday along with a US Treasury announcement. decision to expand buybacks The recent attention given to crypto regulations and the longer-dated debt of governments, after Donald Trump’s call for Congress on this issue advance the CLARITY Act at a White House event.
“The Treasury signalling it’ll step in at the long end pushed yields and the dollar lower, and gold and silver outperformed equities on the day, so the market priced this as a currency event rather than a growth one,” PrimeXBT’s senior analyst, Jonatan RANDIN, spoke to Cointelegraph.
“Bitcoin moved with gold and silver rather than with risk appetite, which is what the debasement trade looks like when it’s working,” “He said”
According to CoinGecko, Bitcoin was trading at $72,000 as of the writing date on Thursday. This is an increase of 11% over the past 24 hours. Ether grew 19% to reach $2,286, according to CoinGecko.
The net flows into Spot ETFs reached $189.2 Million on Wednesday. That brings the total for this week to around $291.5 Million.
Related: Standard Chartered analyst eyes $100K BTC as US Treasury doubles long-end buybacks
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Source: cointelegraph.com
