Bitcoin is showing some strong signals with a notable rebound in inflows last week.

Bitcoin ETFs attracted about $2 billion in total inflows last week, according to CoinShares. That was good enough to match the largest total in Bitcoin inflows since July.

Bernstein analysts are also chiming in, noting that this isn't just hedge funds arbitraging the market anymore — there's real demand for Bitcoin ETFs, and it's shifting the investment landscape.

Despite Bitcoin giving back some gains to hover around $67,000 Monday morning after flirting with breaking $70,000 this weekend, it’s clear that momentum is building. Analysts suggest that the renewed interest is coming from retail investors and wealth advisors, which could provide a solid foundation for further growth.

“We believe the incremental ETF inflows are now increasingly leading to bitcoin spot demand given asset managers have focused on distribution to wealth advisors and wirehouses, unlike initial ETF demand which came from the spot-CME derivatives carry trade (mostly from hedge funds and arb funds),” Bernstein analyst Gautam Chhugani said.

More than $20 billion has now flowed into Bitcoin ETFs in just ten months. It took gold ETFs five years to reach that level.

CoinShares analyst James Butterfill hinted that the surge in investment interest could be due to a rise in President Trump's election chances.

"We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets," he wrote, noting that digital asset investment product inflows and outflows varried widely by geography.

"Regional flows paint a very polarised picture, with the US seeing US$2.3bn of inflows, while almost every other country saw minor outflows, most notable of which were Canada, Sweden and Switzerland with US$20m, US$18m and US$15m respectively," the report said.