Bitcoin Pulls In $706M as Traders Abandon Short Positions in Massive Sentiment Shift

Digital asset investment products posted inflows of $857.9 million, and extended six straight weeks of positive flows – the highest weekly figure since April 24.

CoinShares stated that the increase is likely tied to improving sentiment around the CLARITY Act, as Senators Thom Tillis and Angela Alsobrooks released the final compromise text related to stablecoin yield on May 1 and continued to support it despite pushback from the banking industry on May 4.