Bitcoin ETF investors buy the dip: Daily inflows hit $295M

The NFT Unicorn e1b6792a-1b9f-472d-8e10-2d6da56cc90e Bitcoin ETF investors buy the dip: Daily inflows hit $295M Crypto News

United States-based spot Bitcoin exchange-traded funds (ETFs) have notched their biggest day of net inflows in more than a month amid a flagging crypto market. The 11 funds raked in $295 million on July 8. 

This marks the first day in the last three trading weeks that net inflows across all funds had been in the black.

BlackRock’s iShares Bitcoin Trust ETF saw the most significant daily inflow at $187.2 million, followed by Fidelity’s Wise Origin Bitcoin Fund, which posted gains of $61.5 million.

Meanwhile, the Grayscale Bitcoin Trust also saw a rare day of positive price action, notching $25.1 million of inflows.

It’s the biggest day of inflows since June 5, when the ETFs exceeded $488 million in fresh capital.

Bitcoin ETFs posted $295 million worth of new inflows on July 8. Source: Farside

It comes amid wider market worries concerning hefty BTC sales from the German government and Mt. Gox creditor repayments.

Related: Bitcoin’s sell-off could put ETF shares on the discount rack

To date, the German government has transferred over 26,200 BTC — worth $1.5 billion at current prices — to exchanges and market makers. As of the time of publication, it still holds 27,460 BTC — worth $1.57 billion — in reserve, according to Arkham Intelligence data.

The NFT Unicorn edc13af7-1047-4615-a70b-0cbb1a6a385a Bitcoin ETF investors buy the dip: Daily inflows hit $295M Crypto News
The German Government still holds some $1.57 billion in BTC. Source: Arkham Intelligence

Meanwhile, there are worries that $8.5 billion in BTC could hit the market in the coming months as the collapsed Japanese crypto exchange Mt. Gox begins paying back creditors who lost their funds in a 2014 hack.

However, some analysts say fears around Mt. Gox Bitcoin (BTC) sales may be overblown.

The price of Bitcoin has tumbled over the last two trading weeks, dropping as low as $53,600 on July 5, the first time the asset had traded below $54,000 since February.

Magazine — ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters

Source: Cointelegraph