According to Cointelegraph, Bitcoin investors have funneled over $650 million into United States-listed spot Bitcoin exchange-traded funds (ETFs) in the past three trading days.
July 9 saw another robust day of net inflows for the 11 Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust (IBIT) attracting $121 million and Fidelity Wise Origin Bitcoin (FBTC) garnering $91 million. According to Farside Investors, total net inflows across all ETFs on July 9 amounted to $216.4 million, equivalent to 3,760 Bitcoin.
These inflows, which also included $294.8 million on July 8 and $143.1 million on July 5, add up to a significant $654 million over the last three trading days.
Despite this surge, Bitcoin has struggled to regain the $60,000 mark since July 4. It is currently trading at $59,165, down nearly 15% over the past month, according to TradingView.
Some analysts are optimistic that the ETFs will boost Bitcoin's price, similar to the months leading up to March when Bitcoin reached a new all-time high. Sina G, co-founder and chief operating officer of Bitcoin custody consultancy firm 21st Capital, commented on the trend in an analysis thread on X. "The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor buy-the-news phenomenon," Sina G wrote. He noted that strong ETF flows up to mid-March propelled the market upwards, but since then, ETF inflows have slowed, and bankruptcy outflows have led to weak price action, pushing Bitcoin down to $56K.
ETF Inflows Versus Germany’s BTC Dump
However, the inflows into US Bitcoin ETFs have not been enough to counterbalance a recent Bitcoin selling spree by Germany’s Bundeskriminalamt (BKA), the federal criminal police. In mid-January, the BKA seized nearly 50,000 Bitcoin as part of an investigation into a movie pirating website.
This dynamic highlights the complex interplay between ETF inflows and other market forces, underscoring the challenges Bitcoin faces in its quest to break past previous price barriers.
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