Data tracked by Farside Investors and Coinglass reveals that 11 Bitcoin ETFs recorded a combined net inflow of $422.5 million on Tuesday. This figure was recorded as the highest daily inflow amount since June 5 and extended the already ongoing seven-day upward streak.

BlackRock’s iShares Bitcoin Trust (IBIT) fund accumulated over $260 million, accounting for the bulk of total inflows on Tuesday. Among other funds, FBTC attracted $61.1 million, while each of them, except GBTC, DEFI and BTCW, attracted less than $30 million.

These funds recorded total inflows of over $1 billion in the last three days alone. This clearly demonstrates investors’ confidence in Bitcoin’s future price increase.

According to CoinDesk data, the Bitcoin price has charted a steady rise since its bottom on July 5, gaining 23% in value and reaching $65,800. In addition to ETF inflows, several factors are thought to play a role in the price recovery. The first of these is shown as the decrease in Bitcoin sales pressure in the German state of Saxony.

Other important factors include the increasing odds in favor of pro-crypto Republican Donald Trump, who is likely to win on November 4 in the US presidential election, and Trump’s decision to appoint Bitcoin investor and Ohio Republican senator James David Vance as his vice president.

Vance has been supporting Bitcoin and digital assets since 2021. It even came up with a draft version of legislation on cryptocurrencies last month.

“It is noteworthy that Vance is pushing legislation on cryptocurrencies at a time when he knows he is being considered by Trump for vice president,” FRNT Financial commented in its newsletter published on Tuesday. “It highlights the degree to which it has become part of the Republican vision for the US economy.”

FRNT also includes the following statements in its statement: “In addition, the vice presidential decision was also seen as a choice on political succession, given that Trump could only serve for four more years if elected. Vance, who is a Bitcoin investor and prioritizes crypto-friendly legislation” “The fact that he is Trump’s possible political successor is additionally encouraging for the cryptocurrency community.”

Analysts state that this rise in Bitcoin can also be attributed to the cryptocurrency market’s effort to catch up with the continuous rise in technology stocks on Wall Street, as the supply pressure from Saxony ends.

The renovated Mt. Gox exchange debt repayment failed to keep BTC prices under pressure for long. This shows the general optimism in the market and the restoration of trust in Bitcoin.