According to CryptoPotato, US spot Bitcoin exchange-traded funds (ETFs) experienced nearly $295 million in net inflows on July 8th. This significant buying activity was last observed in June when Bitcoin was trading above $70,000. Despite Bitcoin's struggle with downward pressure, major funds have shown signs of resurgence.
BlackRock’s IBIT led the ETF inflows with $187.21 million, the highest in a month. Fidelity’s FBTC recorded $61.54 million, Grayscale’s GBTC attracted $25.07 million, and Bitwise’s BITB received $11.05 million. Ark Invest and 21Shares’ ARKB garnered $8.44 million, while VanEck’s HODL received $1.59 million. However, some ETFs such as Invesco and Galaxy Digital’s BTCO, Valkyrie Digital Assets’ BRRR, Franklin Templeton’s EZBC, WisdomTree’s BTCW, and Hashdex’s DEFI recorded no flows for the day.
Bitcoin continues to face intense selling pressure due to repayments linked to the defunct Mt. Gox exchange and the German government transferring hundreds of millions in BTC to exchanges last month. CoinShares suggested that this resultant dip has served as a buying opportunity for investors, as demonstrated by the inflow of $441 million in digital asset investment products over the past week. However, concerns of potential liquidity dumps from the German government and Mt. Gox creditors persist. Despite this, experts suggest that the Bitcoin market can absorb it. It is estimated that the combined impact could lead to a drop of 10.5% to around $47,000-$48,000 level.