- Net inflows for the 11 ETFs totaled $295 million as of July 8.
- It’s the largest single day of cash flowing into ETFs since June 5.
Amid a faltering cryptocurrency market, spot Bitcoin exchange-traded funds (ETFs) based in the US had their largest day of net inflows in over a month. Net inflows for the 11 ETFs totaled $295 million as of July 8.
The net inflows across all funds have been positive for the first day in the past three trading weeks. The iShares Bitcoin Trust ETF by BlackRock received $187.2 million in daily inflows, while the ETF by Fidelity received $61.5 million.
On the other hand, the Grayscale Bitcoin Trust (GBTC) saw a unique day of positive inflows as well, receiving $25.1 million. It’s the largest single day of cash flowing into ETFs since June 5, when that figure surpassed $488 million.
Widespread Market Anxiety
Issues surrounding the German government’s large-scale Bitcoin sales and the repayments owed by Mt. Gox’s creditors have been causing widespread market anxiety.
Exchanges have received more than 26,200 BTC from the German government, which is equivalent to $1.5 billion at current rates. According to Arkham Intelligence statistics, it still has 27,460 BTC (equivalent to $1.57 billion) in reserve.
Concerns have been raised that creditors who lost money in a 2014 breach at the defunct Japanese cryptocurrency exchange Mt. Gox may get their $8.5 billion in Bitcoin back in the next few months. But there are those who think the panic over the Bitcoin sales at Mt. Gox was exaggerated.
For the first time since February, Bitcoin’s price fell below $54,000 on July 5, a low point in the last two trading weeks. At the time of writing, Bitcoin is trading at $57,529 as per data from CMC.
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