Billions Pour Into Bitcoin ETFs as Rally Rolls On

According to reporting by Bitcoin Magazine, U.S. Bitcoin exchange-traded funds have continued a winning streak by attracting billions of dollars in new investment over the past week. Data from Farside Investors shows that U.S. investors have contributed $2.56 billion since the previous Monday, helping drive the leading cryptocurrency's price higher. Products managed by firms such as BlackRock, Morgan Stanley, and Fidelity drew nearly $652 million in fresh cash during the week. Bitcoin recently traded at $78,302 following a nearly 25% jump over seven days, having reached as high as $81,160 on Monday.

Bitcoin Magazine noted that the cryptocurrency's rise follows a sluggish June and July when it mostly traded below $65,000. The asset has benefited from news that the Treasury would at least double liquidity-support buyback operations, an announcement that hurt the dollar while benefiting non-yielding assets like Bitcoin and gold. Bloomberg Intelligence ETF Analyst Eric Balchunas reported that gold and Bitcoin ETFs combined for more than $7 billion in flows over a five-day period. Additionally, positive regulatory developments, including President Donald Trump urging lawmakers to pass the crypto Clarity Act following a meeting with crypto executives, have spurred trading activity.