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Home News Crypto

Bitcoin ETFs Soar with $422.5M Inflows: What Investors Need to Know

by Team Lumida
July 17, 2024
in Crypto
Reading Time: 3 mins read
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Bitcoin Could Drop to $50K Before a Potential Fed-Driven Rally

"Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo" by antanacoins is licensed under CC BY-SA 2.0

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Key Takeaways

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  1. Bitcoin ETFs saw a record $422.5M inflow in a single day.
  2. BTC price surged 23% since July 5, hitting $65,800.
  3. Political shifts and reduced selling pressure boost investor confidence.

What Happened?

Bitcoin ETFs in the U.S. experienced a significant surge, with cumulative inflows hitting $422.5 million on Tuesday—the highest single-day total since June 5. Over the last three trading days, these funds amassed over $1 billion.

BlackRock’s IBIT led the charge, drawing in $260 million, while other ETFs like FBTC and various smaller funds also contributed to the inflows. Bitcoin’s price has recovered by 23%, rising from a low of $53,500 on July 5 to $65,800 as of recent data.

Why It Matters?

The inflows into Bitcoin ETFs underscore growing investor confidence in the cryptocurrency market. This confidence is not just a reflection of the price recovery but also linked to broader economic and political factors. Germany’s Saxony state has exhausted its selling pressure, and the probability of a pro-crypto candidate, Donald Trump, winning the U.S. presidential election has increased.

Trump’s decision to appoint BTC-holder and Ohio Republican Senator James David Vance as vice president further bolsters this confidence. Vance has been an advocate for digital assets since 2021 and recently circulated a draft version of crypto legislation. FRNT Financial highlighted that Vance’s appointment indicates a significant shift in the political relevance of crypto, making it a core part of the Republican vision for the U.S. economy.

What’s Next?

With reduced selling pressure and a favorable political climate, Bitcoin’s market could continue to see positive momentum. Investors should watch for further developments in U.S. crypto legislation, especially any initiatives led by Vance. The market is also catching up with the tech stock rally on Wall Street, suggesting a broader trend of optimism.

Even reports of renewed creditor reimbursements from the defunct exchange Mt. Gox failed to dampen BTC prices, indicating strong market resilience. Keep an eye on upcoming political events and regulatory changes, as these will likely play a crucial role in shaping the future of Bitcoin and other digital assets.

Source: Coindesk
Tags: BitcoinBitcoin ETF
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018