Bitcoin exchange-traded funds pulled in more than $1 billion in fresh money over the past three days, with Wednesday alone seeing over $500 million flow into funds managed by BlackRock, Fidelity, and Grayscale. The buying spree helped push bitcoin to $72,659 on Thursday before a slight pullback to $72,606 — a 10% jump in 24 hours. The rally comes as President Trump hosted crypto executives and regulators at the White House and the Treasury announced a plan to more than double its debt repurchases.
Inflows break out
BlackRock's iShares Bitcoin Trust took in $588.5 million since Monday alone. Morgan Stanley's Bitcoin Trust also saw significant trading action, though the firm didn't disclose a specific figure. The surge pushed the Fear & Greed Index out of "Fear" territory, a shift that often signals a return of retail confidence.
Still, bitcoin sits about 40% below its October record of $126,080. The recent climb is a recovery from a rough stretch, not a return to peak levels.
Washington's crypto push
On Wednesday, Trump sat down with Coinbase CEO Brian Armstrong and SEC Chair Paul Atkins, among others. He used the meeting to urge lawmakers to pass the Clarity Act, calling it a "very, very powerful" piece of legislation. The bill, which passed the House last year, has been stuck in deadlock this year. A vote is expected in September.
The Clarity Act aims to set a federal framework for deciding whether a digital asset is a security, a commodity, or a payment stablecoin. That distinction has been a source of confusion and litigation for years.
Treasury's yield play
The Treasury Department said Wednesday it would more than double the size of its government debt repurchases. Lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin and gold, which helped fuel the rally. Bitcoin and gold both climbed as the dollar weakened following the announcement.
The next concrete step is the September vote on the Clarity Act. If it passes, the industry would finally get a clear federal rulebook — a development that could pull in even more institutional money.
