The United States listed the spot Bitcoin on July 8. $295 million was invested in BTC exchange-traded funds (ETFs), the most significant day of gains in over a month. This rise happens at a time when the cryptocurrency market as a whole is going down.
Bitcoin exchange-traded funds (ETFs) finally saw an upward trend after three weeks of net withdrawals. Today was their first day of positive net inflows. BlackRock’s iShares BTC Trust ETF led the way with $187.2 million in new funds. Fidelity’s Wise Origin BTC Fund came in second and made $61.5 million. There was also a rare day of price growth for the Grayscale BTC Trust, which brought in $25.1 million.
Bitcoin Sees Significant Inflows Into ETFs Amid Market Concerns And Declining Prices
This is the most significant capital entered Bitcoin ETFs since June 5, when a record-breaking $488 million was invested.
Large-scale BTC sales by the German government and the impending debt repayments from the now-defunct Japanese crypto exchange Mt. Gox have caused rising concerns in the market. The German government has sold more than 26,200 Bitcoins, worth about $1.5 billion. Arkham Intelligence says it still has 27,460 BTC, worth about $1.57 billion.
Many still have concerns about how the release of $8.5 billion in Bitcoin, expected to happen when Mt. Gox starts paying back creditors affected by its 2014 hack, might affect the market. Even with these concerns, some experts fear that Mt. Gox BTC sales may not be as strong as they seem.
Bitcoin’s value has dropped significantly in the last two weeks, reaching $53,600 on July 5. This was the first time since February that BTC had traded below $54,000, which shows how unstable and uncertain the market is.
