NEW YORK, July 17, 2024 — U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin's (BTC) spot price are experiencing a resurgence in demand. On Tuesday, the 11 ETFs saw a cumulative net inflow of $422.5 million, marking the highest single-day total since June 5 and extending a seven-day winning streak, according to Farside Investors and Coinglass data.

BlackRock's IBIT led the surge with over $260 million in inflows, while FBTC attracted $61.1 million. Other funds, except for GBTC, DEFI, and BTCW, each saw less than $30 million in inflows. These ETFs have collectively accumulated over $1 billion in the past three days, reflecting strong investor confidence in Bitcoin's prospects.

BTC has surged 23% to $65,800 since its low of $53,500 on July 5, as reported by CoinDesk. This price recovery may be attributed to several factors: reduced selling pressure from Germany’s Saxony state, increased optimism about pro-crypto Republican candidate Donald Trump’s chances in the U.S. presidential election, and Trump’s potential appointment of BTC supporter and Ohio Senator James David Vance as vice president.

Vance, a long-time advocate for BTC and digital assets, circulated a draft crypto legislation last month, further emphasizing the growing political importance of digital assets. FRNT Financial noted that Vance's advancement of crypto legislation amid his VP consideration highlights the Republican Party's commitment to crypto policy and the political relevance of digital assets.

The market is also buoyed by the end of the supply overhang from Saxony, allowing it to catch up with the rally in technology stocks. Despite renewed creditor reimbursements from defunct exchange Mt. Gox on Tuesday, Bitcoin prices remained resilient.