Bitcoin exchange-traded funds (ETFs) have notched their biggest day of net inflows in more than a month amid a flagging crypto market, with the 11 funds raking in $295 million on July 8.
This marks the first day in the last three trading weeks that net inflows across all funds had been in the black.
BlackRock’s fund saw the largest daily inflow at $187.2 million, followed by Fidelity which posted gains of $61.5 million.
Meanwhile, Grayscale Bitcoin Trust (GBTC) also witnessed a rare day of positive price action, notching $25.1 million of inflows.
It’s the biggest day of inflows since June 5, when the ETFs exceeded $488 million in fresh capital.
It comes amid wider market worries concerning hefty BTC sales from the German government and Mt. Gox creditor repayments.
Related: Bitcoin’s sell-off could put ETF shares on the discount rack
To date, the German government has transferred over 26,200 BTC — worth $1.5 billion at current prices — to exchanges and market makers. As of the time of publication, it still holds 27,460 BTC — worth $1.57 billion — in reserve, per Arkham Intelligence data.
Meanwhile, there are worries that $8.5 billion in BTC could hit the market in the coming months as the collapsed Japanese crypto exchange Mt. Gox begins paying back creditors who lost their funds to a hack in 2014.
However, some analysts say fears around Mt. Gox Bitcoin sales may be overblown.
The price of Bitcoin (BTC) has tumbled over the last two trading weeks, dropping as low as $53,600 on July 5, the first time the asset had traded below $54,000 since February this year.
Magazine — ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters
