Spot bitcoin ETFs recorded nearly $300 million in net inflows on Monday, marking the highest buying activity since early June when the cryptocurrency was trading above $70,000.

Data from SoSoValue shows that BlackRock's IBIT fund led buying activity with nearly $180 million in net inflows, followed by Fidelity's FBTC fund. Grayscale's GBTC fund – famous for its outflows – recorded more than $25 million in purchases. ETFs offered by Invesco, Franklin Templeton, Valkyrie, WisdomTree and Hashdex have no inflow or outflow activity.

Capital flows into Bitcoin ETF | Source: SoSoValue

The strong inflows come as bitcoin faces significant selling pressure from various sources, such as debt repayments related to bankrupt exchange Mt. Gox and a German government agency have transferred hundreds of millions of dollars in BTC to exchanges over the past month.

As a result, some investors may be viewing this selling pressure as a buying opportunity, investment firm CoinShares said in a report on Monday.

“Digital asset investment products recorded inflows totaling US$441 million, with recent price weakness due to selling pressure from Mt. Gox and the German Government are likely to be seen as buying opportunities,” CoinShares said. “However, volume in exchange-traded products (ETPs) remained relatively low at $7.9 billion for the week, reflecting the usual summer pattern of lower volumes.”

Traders are largely predicting July to be an overall bullish month for the cryptocurrency market as it has historically seen average returns of 9%, and this trend is expected to continue.