The popular Bitcoin investment vehicles have continued to receive new cash the past couple of days after last week's huge run. Will it last? Bitcoin exchange-traded funds have continued their winning streak, attracting billions of dollars in new investment over the past week.
S. 56 billion since last Monday, according to Farside Investors data, helping push the leading cryptocurrencyâs price higher. And this week alone, nearly $652 million in fresh cash has hit the products managed by the likes of BlackRock, Morgan Stanley, and Fidelity.
Bitcoin was recently trading for $78,302 after jumping nearly 25% over a seven-day period. The coin touched as high as $81,160 on Monday. S.
com/GskNy0yPfc Bitcoinâs rise comes after a sluggish June and July when it mostly traded below $65,000. The cryptocurrency has benefited from news that the Treasury would at least double the size of its liquidity-support buyback operations. The announcement last week hurt the dollar but non-yielding assets like Bitcoin and gold have benefited.
Bloomberg Intelligence ETF Analyst Eric Balchunas wrote on X Wednesday that the debasement trade was back. âGold and Bitcoin ETFs have combined for +$7b in flows in past week, by far a record for a 5-day period as debasement trade steals spotlight from AI,â he said. The debasement trade is when investors buy an asset to hedge against a currency losing value.
Investments like Bitcoin and precious metals have done well as part of the trade as they cannot be endlessly printed. Last year, the investment strategy was much talked about but then went quiet as investors focused more on buying artificial intelligence-related equities. S.
borrowing, a weak dollar and efforts to contain long-term yields. Bitcoin ETFs had their best week since October last week, with nearly $2 billion in inflows. Positive regulatory coming out of the White House has also spurred the flurry of trading activity.
President Donald Trump held a meeting with crypto executives earlier last week before urging lawmakers to get the long-awaited crypto Clarity Act over the line.
