Since July 5, investors have flocked into Bitcoin ETFs, but it has not been enough to offset Germany's BTC selling binge.
Bitcoin investors have poured more than $650 million into US-listed spot Bitcoin exchange-traded funds (ETFs) in the previous three trading days since July 5.
It comes after another robust day of net inflows for the eleventh place Bitcoin.
ETFs on July 9th. Inflows to BlackRock's Bitcoin ETF, the iShares Bitcoin Trust, totaled $121 million, while Fidelity's Wise Origin Bitcoin Fund received $91 million.
Farside Investors reported $216.4 million in net inflows to US-based spot Bitcoin ETFs on July 9, equivalent to 3,760 Bitcoin.
Over the last three trading days, the market has received $654 million in inflows, including $294.8 million on July 8 and $143.1 million on July 5.
Since July 4, Bitcoin has failed to return above $60,000 or higher. According to TradingView, the cryptocurrency is currently trading at $59,165, a decrease of about 15% over the last month.
Some analysts believe the ETFs will help drive up the price of Bitcoin, as they did in the months leading up to March, when it reached a new all-time high.
"The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor, buy-the-news phenomenon," said Sina G, co-founder and chief operating officer of Bitcoin custody consultancy business 21st Capital, in an analysis threadon X.
"Up until mid-March, ETF flows were very high, and the market rose. Since then, ETFs have slowed and bankruptcy outflows have taken over, resulting in negative price action all the way down to $56,000," he stated.
Not enough to counteract Germany's BTC dump.
Inflows into US Bitcoin ETFs have been insufficient to offset a recent Bitcoin selling frenzy by Germany's Bundeskriminalamt (BKA), the country's federal criminal police, who confiscated almost 50,000 Bitcoin in mid-January during an investigation into a movie piracy website.
Since July 5, the BKA's wallet has reduced its BTC holdings by more than $850 million, with hundreds of millions of Bitcoin moved back and forth to wallets owned by centralized exchanges and market makers, according to Arkham Intelligence.
Its wallet presently contains 23,960 Bitcoin worth $1.4 billion, which is less than half of the total Bitcoin seized from the film pirate website Movie2k in mid-January.
According to Arkham's onchain data, the BKA began selling Bitcoin on June 19 and increased its efforts in early July.
