The spot bitcoin ETFs, which were approved by the Securities and Exchange Commission in January, have collectively attracted about $23 billion in net inflows since then, according to Bloomberg and J.P. Morgan data. Ilan Solot, co-head of digital assets at London-based Marex Solutions, said the improved odds of a Donald Trump victory in the presidential election is also a factor behind bitcoin's rise. “Crypto is one of the prime Trump proxies, given his strong support for the sector, even floating the idea of creating a bitcoin national reserve,” Solot added.