Bitcoin ETFs Add Over $1B as Investor Sentiment Turns Bullish

Bitcoin exchange-traded funds have taken in over $1 billion in fresh cash over the past three days, helping propel the leading cryptocurrency to nearly $73,000. 

Just on Wednesday, investors bought over $500 million worth of shares in the funds managed by BlackRock, Fidelity, and Grayscale, according to data from Farside Investors. 

Bitcoin’s price has surged this week, and on Thursday reached $72,659 before dropping slightly. It was recently priced at $72,606, a 10% 24-hour rise. Bitcoin is currently a little over 40% below its October record of $126,080. 

President Trump on Wednesday held a meeting at the White House with crypto executives like Coinbase CEO Brian Armstrong, as well as regulators like Securities and Exchange Commission Chair Paul Atkins. 

At a press conference after, the president said that the Clarity Act was a “very, very powerful” piece of legislation and urged lawmakers to pass it. 

The crypto market structure bill was passed by the House of Representatives last year but has largely remained in deadlock this year. Some lawmakers were hoping for a vote in August but that will now go ahead in September. 

Crypto businesses have long called for clear rules in the industry; the Clarity Act aims to establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins.