Since starting of June 2024, the overall cryptocurrency market has experienced a massive decline and top digital assets have fallen more than 40% amid this challenging phase. Today on July 10, 2024, an on-chain analytic firm spotonchain made a post on X stating that spot Bitcoin Exchange Traded Funds (ETFs) have experienced an inflow of a massive $216 million.
$BTC #ETF Net Inflow July 9, 2024: +$216M!• The net inflow has been positive for 3 consecutive trading days (all with high inflows). • #BlackRock (IBIT) continued leading the leaderboard with another large inflow of $121M.• #Grayscale (GBTC), however, saw an outflow… pic.twitter.com/nxCeYGacJt
— Spot On Chain (@spotonchain) July 10, 2024
$216 million of inflow in Bitcoin ETF
In this challenging market, the inflow in ETFs has been continuously increasing, indicating that retail traders might be buying the dip as the world’s biggest cryptocurrency has lost nearly 20% of its value.
According to Spotonchain, with this recent inflow, the ETF market has seen 3 consecutive high inflows. Amid this inflow, the asset management giant BlackRock’s IBIT has experienced an inflow of $121 million and continues leading the leaderboard. Another asset manager giant Grayscale’s GBTC which is known for its continuous outflow has experienced an outflow of over $37.5 million.
In the last 3 days, the market has seen an inflow of $143 million, $295 million, and $216 million. This $295 million inflow is the highest since June 2024.
It is worth noting that these massive inflows come as Bitcoin faces continuous selling pressure from whales, the government of the United States and Germany, and Mt. Gox. Although, they all have sell-off millions worth of Bitcoin since June 2024.
Here’s what, analyst says about the current market
Recently, CoinShares made a post on X stating that Digital asset investment products saw inflows totaling $441 million, with recent price weakness prompted by Mt Gox and the German Government selling pressure likely being seen as a buying opportunity. Additionally, they added that volumes in Exchange Traded Products (ETPs) remained relatively low at $7.9 billion for the week, reflecting the typical seasonal pattern of lower volumes in the summer months.
Apart from this, yesterday on July 9, 2024, another on-chain analytic firm CryptoQuant made a post on X stating that this is a potential opportunity in this correct phase.
With all these inflows and the recent selling pressure, Bitcoin (BTC) is currently trading near $58,600 and it has gained over 2% price surge in the last 24 hours. Whereas, the trading volume dropped by 16% signaling lower investors and traders participation in this ongoing bearish market sentiment.
If we look at the performance of BTC over a longer period, it has lost over 2% of its value. Whereas, in the last 30 days, BTC experienced a price drop of over 16%.
