U.S. spot exchange-traded funds for Bitcoin clocked a nine-day winning streak of inflows on Wednesday as several tailwinds continue to prop up renewed investor interest in the asset.
Total daily net inflows from July 5 to July 17, discounting weekends, amounted to roughly $1.97 billion, data from SoSo Value shows.
It’s the longest streak in a month, when the 11 funds saw consistent inflows for 19 straight days, from May 13 to June 7.
Inflows to U.S. spot Bitcoin ETFs, post-halving supply shortages, and the launch of Ethereum spot ETFs next week are likely driving demand, analysts say.
U.S. Federal Reserve rate cuts and a shifting political landscape in Washington, D.C. may also help drive the asset to $100,000 by the end of the year, Decrypt previously reported.
The world’s largest crypto by market capitalization has clawed back significant losses incurred during the beginning of the month.
On July 3, the asset slipped below $62,000, shedding 14% of its value and dropping to a low of $53,550 by July 5.
The assassination attempt against former president Donald Trump on Saturday sent Bitcoin’s price higher during weekend trading, pushing it to two-week highs at the time, above $62,450.
Demand has spilled over to U.S. ETFs, with Tuesday recording the single largest inflow — at $422.6 million — since June 5’s $488.2 million.
Trump’s vocal support for crypto has “significantly impacted” the prices of Bitcoin and Ethereum, Pedro Lapenta, head of research at Hashdex, told Decrypt.
“There is a strong ‘Trump Effect’ on crypto prices,” Lapenta said, pointing to a potential White House win for the former president as a net positive for more favorable industry regulation.
“The announcement of J.D. Vance, a known Bitcoin holder and crypto supporter, as his vice-presidential pick further bolsters Trump’s pro-crypto stance.”