Investors have poured money into Bitcoin ETFs over the past three trading days, but this does not counter the uncontrolled sell-off of cryptocurrencies in Germany.
Investments made in US-listed spot Bitcoin exchange-traded funds (ETFs) are worth over $650 million.
This takes after another strong day of net inflows into 11 Bitcoin ETFs on July 9. Inflows into BlackRock’s Bitcoin ETF, the iShares Bitcoin Believe (IBIT), were $121 million, taken after by Fidelity Wise Origin Bitcoin (FBTC), which gotten $91 million.
According to data from Farside Investors, net inflows for all ETFs combined on July 9 totaled $216.4 million, or 3,760 Bitcoin.
ETFs bought 3,760 #Bitcoin ($216.4m) on July 9
IBIT +2,100 BTC
FBTC +1580 BTC
ARKB +750 BTC
GBTC -650 BTC
The three trading days’ worth of inflows, which include $294.8 million on July 8 and $143.1 million on July 5, adds up to $654 million.
Bitcoin hasn’t reached above $60,000 since July 4. It’s currently selling at $59,165, down roughly 15% over the past month, according to TradingView.
Some observers predict the ETF will contribute to a rise in the price of Bitcoin, as in the months prior to March, when the cryptocurrency reached record highs.
“ETFs played a major role in the surge from $16k to $73k that occurred following a buying event driven by rumors and news,” Sina G, co-founder and chief operating officer of Bitcoin custody counseling firm 21st Capital, said in an X analysis thread.
“Until mid-March, ETF flows were very high, and the market rose. Since then, ETFs have slowed and bankruptcy outflows have taken over, resulting in negative price action to $56, 000,” he stated.
Insufficient to counter Germany’s Bitcoin dump
Germany’s federal criminal police, the Bundeskrimanalamt (BKA), recently saw a surge in Bitcoin sales in mid-January and seized nearly 50,000 bitcoins as part of an investigation into a movie piracy website. Despite this, investment in US Bitcoin ETFs could not keep pace with the activity.
According to Arkham Intelligence, since July 5, BKA’s wallet has reduced its BTC holdings by more than $850 million, with hundreds of millions of Bitcoin being moved back and forth (mainly to wallets owned by centralized exchanges and market makers).
Its wallet presently contains 23,960 Bitcoin worth $1.4 billion, which is less than half of the total Bitcoin seized from the film pirate website Movie2k in mid-January.
Source: Uncle Rockstar Developer
According to Onchain data from Arkham, BKA began selling Bitcoin on June 19 and ramped up its efforts in early July.
