Spot Bitcoin ETFs buy up $654M of BTC in 3 days

Felix Ng2 hours agoSpot Bitcoin ETFs buy up $654M of BTC in 3 daysInvestors have piled into Bitcoin ETFs since July 5, but it wasn’t enough to offset Germany’s BTC selling spree.1896 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin investors have sent over $650 million into United States-listed spot Bitcoin exchange-traded funds (ETFs) over the last three trading days since July 5.

It comes after another strong day of net inflows for the 11 spot Bitcoin (BTC) ETFs on July 9. BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust, pulled in $121 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Fund, which raked in $91 million.

Total net inflows across all US-based spot Bitcoin ETFs for July 9 came to $216.4 million, or 3,760 Bitcoin, according to data from Farside Investors.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

The burst of inflows, which includes $294.8 million on July 8 and $143.1 million on July 5, totals $654 million over the past three trading days.

Bitcoin has failed to climb back over $60,000 since July 4. At the time of writing, the cryptocurrency is trading for $59,165, according to TradingView, down almost 15% over the past month.

Some analysts hope the ETFs will help drive up the price of Bitcoin, as they did in the months before March when Bitcoin hit a new all-time high.

“The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor buy-the-news phenomenon,” wrote Sina G, the co-founder and chief operating officer of Bitcoin custody consultancy firm 21st Capital, in an analysis thread on X.

“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,” he wrote.Not enough to offset Germany’s BTC dump

Inflows to US Bitcoin ETFs haven’t been enough to outpace a recent Bitcoin selling spree from Germany’s Bundeskriminalamt (BKA), the country’s federal criminal police, which seized nearly 50,000 Bitcoin in mid-January amid a probe into a movie pirating website.

Related:Australia’s main stock exchange to get second spot Bitcoin ETF

Since July 5, the BKA’s wallet has reduced its BTC holdings by more than $850 million, with hundreds of millions in Bitcoin sent back and forth to wallets owned by centralized exchanges and market makers, according to Arkham Intelligence.

Its wallet now holds 23,960 Bitcoin worth $1.4 billion, less than half of the total Bitcoin initially seized from the film piracy site Movie2k in mid-January.Source:Uncle Rockstar Developer

Onchain data from Arkham shows that the BKA began selling Bitcoin on June 19 and ramped up its efforts at the beginning of July.

Magazine:Earn Bitcoin for eating tickets, Immutable says ‘big studios are showing up’ — Web3 Gamer# Bitcoin# Cryptocurrencies# Business# Germany# Bitcoin ETF# ETFAdd reaction