- Bitcoin ETFs raised over half a billion dollars in BTC for four straight days
- Trump’s presidency sparks newfound optimism in the Bitcoin market
- Bitcoin hits an all-time high of $108,899 a day after Trump’s inauguration
Bitcoin exchange-traded funds have achieved a massive milestone over the last few days. Following yet another major inflow day on January 21st — the combined Bitcoin ETFs have raised over half a billion dollars in BTC for four straight days.
Yesterday’s inflows were led by Blackrock’s (IBIT) which added $661.9 million in BTC to the fund. Grayscale (BTC) came in second with $136 million. In total, Bitcoin ETFs saw $802 million inflows on January 21st.
The last recorded day of ETF movements was on January 17th which saw a major $1.07 billion in Bitcoin entering the funds.
Moreover, the recent exchange-traded funds’ performance over the week showcases massive optimism toward Bitcoin. After all, this is the first time since the creation of Bitcoin ETFs that these funds saw inflows of over $500,000,000 for four straight days.
Trump Presidency Sparking a Bitcoin Rush
Since taking office on January 20th, the 47th President of the United States has likely influenced a newfound optimism in the market. The sentiment is not unfounded as throughout the campaign, Trump promised to make the U.S. the “Bitcoin capital of the world”, as well as promising to create a strategic Bitcoin reserve in America.
Bitcoin itself hit its all-time highest value at $108,899 a day after the Presidential ceremony. Currently, the asset is trading at $103,861, up 4.11% in the week according to CoinMarketCap.
There have been reports developing regarding the potential Bitcoin strategic reserve plan by the new government. Recently, the CEO of the major Bitcoin mining firm MARA said that he plans on helping all 50 U.S. States to add Bitcoin to its reserves.
Another major development that could strengthen digital assets is the change in direction at the SEC. After the heavily opposed Chair Gayr Gensler resigned this week, the President announced a new Acting Chair, Mark Uyeda.
Uyeda has already set up a new task force to work on clearer and less opposing regulations for the crypto sector, a development headed by “Crypto Mom” Hester Peirce.
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