Spot Bitcoin ETFs See $216.4M Inflows, Totaling $654M in 3 Consecutive Days

Highlights:

• Spot Bitcoin ETFs saw $216.4M in inflows yesterday.
• In three days, investors poured over $654 million into US spot Bitcoin ETFs.
• BlackRock’s IBIT attracted over $300 million in inflows in just two days.

The US-based spot Bitcoin ETFs saw $216.4 million in net inflows on July 9, extending the positive streak to a third day. BlackRock’s iShares Bitcoin ETF (IBIT), the largest spot Bitcoin fund in terms of net asset value, led the pack of inflows with $121 million, followed by Fidelity’s Bitcoin ETF (FBTC), which recorded $91 million in net inflows, according to data from Farside Investors.

Ark Invest and 21Shares’ ARKB received $43.3 million in inflows, while VanEck’s Bitcoin ETF (HODL) also saw $3.3 million. Conversely, the Bitwise Bitcoin ETF (BITB) saw net outflows of $4.7 million. Grayscale’s GBTC, the second largest Bitcoin ETF, also reported outflows totaling $37.5 million. On Tuesday, the 11 spot Bitcoin funds traded a total value of $1.19 billion. Since their inception in January, these ETFs have accumulated a total net inflow of $15.27 billion.

Bitcoin investors have poured over $654 million into US-listed spot Bitcoin ETFs over the last three trading days. This includes $216.4 million on July 9, $294.8 million on July 8, and $143.1 million on July 5. 

🇺🇸 ETFs bought 3,760 #Bitcoin ($216.4m) on July 9 🚀🚀

Highlights:

IBIT +2,100 BTC
FBTC +1580 BTC
ARKB +750 BTC
GBTC -650 BTC pic.twitter.com/z5hLWXQorI

— Thomas | heyapollo.com (@thomas_fahrer) July 10, 2024

BlackRock’s IBIT Accumulates 2134 BTC

Yesterday, the BlackRock Bitcoin ETF IBIT attracted $121 million in inflows, accumulating a total of 2134 BTC. On July 8, inflows into the BlackRock IBIT were even higher at $187 million, with the fund acquiring over 3,300 Bitcoins, coinciding with a BTC price drop to $53,500 earlier on Monday.

Bitcoin ETFs are absorbing much of the selling pressure from the German government’s recent sales. Inflows into BTC ETFs have reached a three-week peak amidst the BTC price decline. 

🚨 BlackRock buys 2134 BTC ($121m)!

IBIT holders thank Germany for the discount 😂 pic.twitter.com/iHpToJ2AUw

— Julian Fahrer (@Julian__Fahrer) July 9, 2024

Bitcoin ETFs and Bitcoin’s Price Action

Since July 4, Bitcoin has struggled to surpass $60,000. According to CoinMarketCap, it is currently trading at $58,721, reflecting a nearly 15.41% decline over the past month.

Some analysts are optimistic that the ETFs could boost Bitcoin’s price, similar to the months leading up to March when Bitcoin reached a new all-time high. Sina G, co-founder and COO of Bitcoin custody consultancy firm 21st Capital, said on X, said that the rise from $16K to $73K was largely fueled by ETFs, following a “buy-the-rumor, buy-the-news” phenomenon.

He wrote:

“Up to mid-March ETF flows were very strong and the market moved up. Since then, ETFs slowed down and bankruptcy outflows took over, causing a weak price action all the way down to $56K.”

ETF Inflows Vs. Germany’s Bitcoin Selling Spree

Despite significant ETF inflows, they haven’t outpaced Germany’s recent Bitcoin selling spree. Germany’s federal criminal police, the Bundeskriminalamt (BKA), confiscated nearly 50,000 Bitcoin in mid-January during an investigation into a movie pirating website.

Since July 5, the BKA has sold over $850 million worth of BTC. Currently, their wallet contains 23,960 Bitcoin valued at $1.4 billion, less than half of the total seized from the Movie2k piracy site originally. These big transactions impact the overall market dynamics.

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