Spot Bitcoin ETFs invest $654 million in BTC over the past three days
Spot Bitcoin ETFs– Bitcoin investors have injected over $650 million into U.S.-listed spot Bitcoin exchange-traded funds (ETFs) over the last three trading days since July 5.
This surge comes after another strong day of net inflows for the 11 spot Bitcoin ETFs on July 9. BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust, led the charge, pulling in $121 million in inflows. Fidelity’s Wise Origin Bitcoin Fund followed, raking in $91 million.
According to Farside Investors, total net inflows across all U.S.-based spot Bitcoin ETFs for July 9 reached $216.4 million, or 3,760 Bitcoin. This follows $294.8 million on July 8 and $143.1 million on July 5, totaling $654 million over the past three trading days.
Despite these significant inflows, Bitcoin has struggled to climb back over $60,000 since July 4. At the time of writing, the cryptocurrency is trading at $59,165, down almost 15% over the past month.
Insufficient to counterbalance Germany’s Bitcoin sell-off
The inflows into US Bitcoin ETFs have not been sufficient to counterbalance a recent sell-off of Bitcoin by Germany’s Bundeskriminalamt (BKA), the country’s federal criminal police. In mid-January, the BKA seized nearly 50,000 Bitcoin during an investigation into a movie pirating website. Since July 5, the BKA has reduced its BTC holdings by over $850 million, conducting transactions involving hundreds of millions of Bitcoin with centralized exchanges and market makers, as reported by Arkham Intelligence.
Currently, the BKA’s wallet holds 23,960 Bitcoin valued at $1.4 billion, which is less than half of the Bitcoin initially seized from Movie2k. Onchain data from Arkham indicates that the BKA started selling Bitcoin on June 19 and intensified these activities at the start of July.
For the latest in crypto updates, keep tabs on Crypto Data Space.
Leave a comment