Inflows into U.S. spot Bitcoin exchange-traded funds surged by 475% last week, fueled by expectations of a more crypto-friendly administration following President-elect Donald Trump’s inauguration.

According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded over $1.8 billion in inflows over the past week, marking a 475% increase compared to the $312.8 million inflows recorded the previous week.

Notably, the investment products began the week of Jan. 13–Jan. 17 with two consecutive days of outflows, during which nearly $494 million exited the funds. This was attributed to a risk-off sentiment in the crypto market, driven by stronger-than-expected payroll numbers that triggered a spike in bond yields.

Over the next three days, the BTC ETFs managed to absorb all of the outflows with an inflow of over $2.3 billion as Bitcoin began its march back from around $91k back to above $100k. This came as the crypto community anticipates a more crypto-friendly administration following Trump’s inauguration to the Oval Office.

The self-styled crypto-friendly president has previously announced plans to establish a government strategic Bitcoin reserve to bolster the U.S. economy. Additionally, rumors are circulating that the incoming president may begin his term with an executive order designating crypto as a national priority.

Amidst the positive sentiment in the crypto community, the 12 BTC ETFs recorded $975.6 million in inflows on Friday, Jan. 17, led by BlackRock’s IBIT, which attracted $375.9 million, followed closely by Fidelity’s FBTC with inflows of $326.3 million.

Bitwise’s BITB also contributed to the positive momentum, attracting $208.1 million from investors in a single day. While data for ARK and 21Shares’ ARKB had not been updated at the time of reporting, the remaining BTC ETFs that recorded inflows are as follows:

• Grayscale Bitcoin Mini Trust: $21.8 million.
• Grayscale’s GBTC: $20.8 million.
• VanEck’s HODL: $11.9 million.
• Invesco Galaxy’s BTCO: $6.3 million.
• WisdomTree’s BTCW: $4.5 million.

The total trading volume for the 12 Bitcoin ETFs reached $5.44 billion on Jan. 17, significantly higher than the $2.74 billion recorded the previous trading day.

Meanwhile, Bitcoin, the flagship cryptocurrency, experienced notable volatility, dropping over 6% from its intraday high of $106,300 to around $99,700 on Jan. 19, as the broader crypto market faced $1.18 billion in liquidations, according to data from CoinGlass. However, at press time, Bitcoin had recovered some of its losses, driven by optimism surrounding Trump’s anticipated crypto executive order and hopes for a more supportive regulatory environment.

Bitcoin (BTC) remained down 2.3% over the past day, trading at $102,502 per coin at the time of writing.