Bitcoin exchange-traded funds (ETFs) attracted more than $1 billion in fresh cash over a three-day period, helping push the leading cryptocurrency toward the $73,000 mark, according to data from Farside Investors. On Wednesday alone, investors purchased more than $500 million in shares across funds managed by BlackRock, Fidelity, and Grayscale.
The lion's share of the weekly investment went to BlackRock’s iShares Bitcoin Trust, which collected $588.5 million starting Monday. Other investment vehicles, such as Morgan Stanley’s Bitcoin Trust, also saw significant trading activity.
Bitcoin's price surged during the week, reaching $72,659 on Thursday before dropping slightly to $72,606, marking a 10% rise over 24 hours. The cryptocurrency remains a little over 40% below its October record of $126,080.
Market sentiment was also supported by the U.S. Treasury Department's announcement on Wednesday that it would more than double the size of its government debt repurchases. The resulting lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin and gold, supporting risk-on sentiment as the dollar weakened.
Meanwhile, political developments drew attention as President Trump held a White House meeting on Wednesday with crypto executives, including Coinbase CEO Brian Armstrong, alongside regulators such as SEC Chair Paul Atkins. At a subsequent press conference, the president urged lawmakers to pass the Clarity Act, describing it as a very powerful piece of legislation.
The crypto market structure bill previously passed the House of Representatives last year but has faced deadlock. A vote initially anticipated by some lawmakers for August is now scheduled for September. The legislation aims to establish a regulatory framework to distinguish between digital assets classified as securities, commodities, or payment stablecoins.
