U.S. spot bitcoin ETFs recorded their largest day of net inflows in over a month despite unfavorable conditions in the cryptocurrency market. Eleven funds collected $295 million this week. This marks the first day in the last three weeks of trading that net inflows across all funds were positive.
BlackRock’s iShares Bitcoin Trust ETF recorded the most significant daily inflow of $187.2 million, followed by Fidelity’s Wise Origin Bitcoin Fund, which saw an inflow of $61.5 million. Meanwhile, Grayscale Bitcoin Trust also experienced a rare positive day, recording an inflow of $25.1 million.
This is the largest inflow day since June 5, when ETFs surpassed $488 million in fresh capital. The inflows come amid market concerns regarding a substantial sale of bitcoin by the German government and repayments to creditors of Mt. Gox.
To date, the German government has transferred over 26,200 bitcoins worth $1.5 billion at current prices to cryptocurrency exchanges. According to Arkham Intelligence data, it still holds 27,460 bitcoins valued at $1.57 billion at the time of publication.
Meanwhile, there are concerns that $8.5 billion worth of bitcoin could enter the market in the coming months when the failed Japanese cryptocurrency exchange Mt. Gox begins to repay creditors who lost funds in the 2014 hack. However, some analysts say fears surrounding the sale of bitcoin from Mt. Gox may be overstated.
The price of bitcoin has fallen over the last two weeks of trading, dropping to as low as $53,600 on July 5, marking the first time the asset traded below $54,000 since February.
