Demand for U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin’s (BTC) spot price has surged, reflecting renewed investor confidence. On Tuesday, the 11 prominent funds reported a collective net inflow of $422.5 million, marking the highest single-day total since June 5 and extending a seven-day streak of gains, according to data from Farside Investors and Coinglass.

BlackRock’s IBIT fund led the pack, amassing over $260 million on Tuesday, capturing a significant share of the cumulative inflows. FBTC followed with $61.1 million, while other funds, except GBTC, DEFI, and BTCW, each drew in less than $30 million.

Over the past three days, these funds have collectively attracted more than $1 billion, underscoring a robust investor belief in Bitcoin’s potential price appreciation. BTC has soared 23%, reaching $65,800 since hitting a low near $53,500 on July 5, as per CoinDesk data. This price recovery is attributed not only to the ETF inflows but also to the diminishing selling pressure from Germany’s Saxony state, the increasing likelihood of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election on November 4, and Trump’s decision to appoint BTC-holder and Ohio Republican senator James David Vance as vice president.

Vance, a BTC and digital asset supporter since 2021, recently circulated a draft version of crypto legislation. “It is noteworthy that Vance introduced crypto legislation while being considered by Trump for VP. This underscores the growing political importance of crypto and its integration into the Republican vision for the U.S. economy,” stated FRNT Financial in a Tuesday newsletter.

“Moreover, given Trump’s potential to serve only another four years if elected, the VP choice is seen as pivotal for political succession. It is encouraging for the crypto community that Trump’s apparent political successor is a BTC holder and prioritizes crypto-friendly legislation,” FRNT added.

The removal of the supply overhang from Saxony has allowed the crypto market to catch up with the sustained rally in technology stocks on Wall Street. This optimism persists despite reports of renewed creditor reimbursements from the defunct exchange Mt. Gox on Tuesday, which briefly pressured BTC prices.