Bitcoin ETFs draw $517M in largest one-day inflow since early May

US spot Bitcoin exchange-traded funds (ETFs) recorded $517.2 million in net inflows on Wednesday, their largest single-day investment since May 4, pushing August net inflows to $1.47 billion.

The funds have taken in about $1 billion since Monday, already their strongest weekly net inflow since the week ended Jan. 16, when they attracted about $1.42 billion.

The inflows came as crypto prices rallied on Wednesday, alongside a US Treasury decision to expand buybacks of longer-dated government debt and renewed attention on crypto regulation after President Donald Trump urged Congress to advance the CLARITY Act at a White House event.

“The Treasury signalling it’ll step in at the long end pushed yields and the dollar lower, and gold and silver outperformed equities on the day, so the market priced this as a currency event rather than a growth one,” Jonatan Randin, senior market analyst at PrimeXBT, told Cointelegraph.

“Bitcoin moved with gold and silver rather than with risk appetite, which is what the debasement trade looks like when it’s working,” he said.

Bitcoin traded near $72,000 at the time of writing on Thursday, up 11% in the last 24 hours, according to CoinGecko. Ether rose 19% to $2,286.

Spot Ether ETFs logged $189.2 million in net inflows on Wednesday, bringing this week’s inflows to about $291.5 million.

Related: Standard Chartered analyst eyes $100K BTC as US Treasury doubles long-end buybacks