Bitcoin ETFs See Best Weekly Inflows Since May After Price fall
After the price of the world’s largest cryptocurrency dropped to its lowest level since February a week ago, dip buyers returned in a big way to give Bitcoin exchange-traded funds their best inflows in more than a month.
Spot Bitcoin ETFs took in $882 million during the week ended July 11, with an average of $175 million coming in per day, according to JPMorgan data. That’s most inflows since the period ended May 23.
Bitcoin funds of BlackRock and Fidelity led the surge, taking in $403 million and $361 million, respectively. Meanwhile, Grayscale’s ETF continued its streak of bleeding cash and lost almost $87 million.
This was the second consecutive period of fund growth, with the prior week scoring $166 million of inflows. That broke three week’s of outflows that saw Bitcoin ETFs lose over $1.1 billion.
The latest wave of ETF inflows comes after the price of Bitcoin sagged below $54,000 on July 5 to its lowest level since February.
The price of the world’s largest cryptocurrency got hammered amid anxiety that Mt. Gox creditors would offload tokens that they recovered from the failed exchange. At the same time, German authorities began selling over 50,000 Bitcoin that they had seized. The authorities are set to finish liquidating holdings near the end of July, according to a July 10 report from JPMorgan.
The price of Bitcoin hovered around $58,000 mid-day Friday, up more than 8% from the low reached on July 5.
