Author: Tom Mitchelhill, CoinTelegraph; Translated by: Wuzhu, Golden Finance
Amid a sluggish cryptocurrency market, Bitcoin exchange-traded funds (ETFs) recorded their largest single-day net inflows in more than a month, with 11 funds receiving a total of $295 million on July 8.
This is the first time in the past three trading weeks that all funds have seen net inflows in the red.
BlackRock funds saw the largest daily inflows at $187.2 million, followed by Fidelity with $61.5 million.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) also experienced rare positive price action, with inflows of $25.1 million.
That was the biggest day of inflows since June 5, when the ETF saw more than $488 million in new capital.
On July 8, Bitcoin ETFs received $295 million in new inflows. Source: FarSide
Currently, the market is generally worried about the German government's massive sale of BTC and the repayment of debts by Mt. Gox creditors.
So far, the German government has transferred more than 26,200 Bitcoin (worth $1.5 billion at current prices) to exchanges and market makers. As of the time of publishing, the German government still holds 27,460 Bitcoin (worth $1.57 billion) in reserves, according to Arkham Intelligence.
The German government still holds about $1.57 billion in BTC. Source: Arkham Intelligence
Meanwhile, as collapsed Japanese cryptocurrency exchange Mt. Gox begins paying back creditors who lost funds in a 2014 hack, there are concerns that $8.5 billion in bitcoin could flow into the market in the coming months.
However, some analysts say concerns surrounding Mt. Gox’s bitcoin sales may be overblown.
Bitcoin prices have fallen sharply over the past two trading weeks, dropping to $53,600 on July 5, the first time the asset has fallen below $54,000 since February this year.
