Institutional investors in the United States are actively buying Bitcoin amid the fall of the crypto market. This led to the largest daily inflow of funds into BTC-ETF in the last month
On July 8, Bitcoin-based spot exchange-traded funds (ETFs) received more than $295 million in flows.
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ETF is in the black
For the first time in the last three trading weeks, total net inflows across all funds turned positive. According to Farside Investors, the largest amount of funds went into Shares Bitcoin Trust ETF (IBTC) from BlackRock - $187.2 million.
It is followed by the Wise Origin Bitcoin Fund (FBTC) from Fidelity with an inflow of $61.5 million. Extremely rare positive dynamics were recorded even in the Grayscale Bitcoin Trust (GBTC) - $25.1 million.
The last time spot Bitcoin ETFs attracted such a significant amount was June 5th. Then the funds received more than $488 million.
Since its launch on January 11 this year, issuing companies have raised a total of $15.06 billion. The largest American fund is now considered IBTC, which manages $18.5 billion in the first cryptocurrency by capitalization.
What's wrong with Bitcoin?
Investors are buying shares of spot Bitcoin ETFs amid a drawdown in the crypto market. Over the past two weeks, the price of BTC has fallen by 6.7%. At the moment, the cryptocurrency rate sank to a minimum of $53,600.
According to CoinGecko, at the time of writing, Bitcoin is trading at $57,332. Over the past 24 hours, the asset’s quotes have increased by 0.3%.
Concerns surrounding Mt. Gox, which will soon begin paying out creditors who lost money due to the exchange hack in 2014. The marketplace is expected to distribute $8.5 billion in BTC, which lenders will quickly sell off.
The German government continues to sell bitcoins. According to Arkham Intelligence, German authorities have already transferred more than 26,200 BTC worth $1.5 billion to centralized exchanges and unknown addresses.
However, many analysts agree that all the fears that have flared up in the crypto community may be exaggerated.
