Bitcoin ETF flows surge to 5-week high
Recently, the Bitcoin ETF market has experienced a significant wave of capital inflows, totaling as much as $310 million. This was largely driven by gains led by BlackRock and Fidelity, with BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) each contributing $120 million. and $115.1 million in funding. The Bitwise Bitcoin ETF is in third place with $28.4 million, while the Grayscale Bitcoin Trust (GBTC) also reached a new high of $23 million. While some other large Bitcoin ETFs such as VanEck and Invesco Galaxy also received inflows respectively, Hashdex, Franklin Templeton Valkyrie, and WisdomTree’s spot Bitcoin ETFs failed to receive inflows. Overall, this rush of capital inflows is the Bitcoin ETF market’s best performance since June 5.
Statistics show that spot Bitcoin ETF issuers received a total of $1.04 billion in inflows this week. Since its launch, spot Bitcoin ETFs have received a total of $15.8 billion in net inflows. This figure also includes more than $18.6 billion in outflows from Grayscale's flagship Bitcoin product, which was converted to spot form after approval by U.S. securities regulators in January.
It is worth mentioning that the Hashdex Bitcoin ETF (DEFI) was the only spot Bitcoin ETF to experience net outflows, although its size was relatively small at only $2 million.
Meanwhile, Bitcoin has gained 1.1% in the past 24 hours and is currently trading at $57,858. However, it has fallen nearly 15% in the past month and is still more than 21% away from its all-time high. Looking ahead, some Bitcoin ETF issuers are planning to issue spot Ethereum ETFs, which could be launched as early as next week. These issuers are currently waiting for the U.S. securities regulator to sign off on their revised S-1 registration statements after receiving the first round of feedback at the end of last month.
Germany sells out 3 billion bitcoins, Mt.Gox sell-off becomes focus
The German government recently successfully completed the disposal of 50,000 bitcoins seized from the movie piracy website Movie2K. After weeks of transfer, these bitcoins were eventually dispersed to multiple exchanges and market makers, including Flow Traders and 139Po, and the wallet balance was cleared. The orderly handling process of the German government effectively alleviated the market's concerns about the possible selling pressure brought by these bitcoins, and also demonstrated the German government's responsible attitude in managing seized assets.
This move has played a positive role in stabilizing the price of Bitcoin. Although the release of these Bitcoins once caused the market to worry that it might cause a price drop, the market's positive response and the German government's orderly handling have gradually dissipated these concerns. Currently, the price of Bitcoin remains below $60,000, and the market's overall reaction to this incident is stable.
In addition, the Mt.Gox Bitcoin sell-off has become the focus of market attention. As the German government emptied its seized Bitcoin wallets, the focus of market attention has shifted to the Bitcoin sell-off of Mt.Gox. Mt.Gox was once the world's largest Bitcoin exchange, but it went bankrupt due to a hacker attack in 2014, resulting in a large number of Bitcoins lost or stolen. Currently, a portion of the Bitcoin recovered through legal procedures will be repaid to creditors in accordance with the rehabilitation plan. This repayment plan is expected to have a significant impact on the market, as creditors may choose to sell the Bitcoin they received, bringing selling pressure to the market. However, given the increased depth and liquidity of the Bitcoin market, as well as the more mature strategies of investors and traders to deal with large-scale sell-offs, the resilience of the market and the maturity of investors are expected to help mitigate this impact.
