United States-based spot Bitcoin exchange-traded funds (ETFs) have experienced their largest day of net inflows in over a month, even as the crypto market struggles. On July 8, eleven funds collectively amassed $295 million in inflows.
This marked the first time in three trading weeks that net inflows across all funds were positive.
BlackRock’s iShares Bitcoin Trust ETF led the pack with a significant daily inflow of $187.2 million.
Fidelity’s Wise Origin Bitcoin Fund followed, garnering $61.5 million.
Additionally, the Grayscale Bitcoin Trust saw a rare day of positive price action, achieving $25.1 million in inflows.
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This surge represents the most substantial day of inflows since June 5, when ETFs attracted over $488 million in new capital.
These developments occur amid broader market concerns related to significant Bitcoin sales by the German government and upcoming repayments to Mt. Gox creditors.
To date, the German government has moved over 26,200 BTC — valued at $1.5 billion at current prices — to exchanges and market makers.
According to Arkham Intelligence data, the government still holds 27,460 BTC, worth approximately $1.57 billion, in reserve.
Simultaneously, there are apprehensions about the potential market impact of $8.5 billion in Bitcoin as the defunct Japanese crypto exchange Mt. Gox starts repaying creditors who lost funds in a 2014 hack.
However, some analysts suggest that concerns over Mt. Gox Bitcoin sales might be exaggerated.
The price of Bitcoin has seen a decline over the past two trading weeks, dipping to $53,600 on July 5. This marks the first time the asset has traded below $54,000 since February.
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