ETFs
Bitcoin Spot ETFs See Record 30-Day Inflows on Bitcoin Selling Pressure
Key points to remember
- Bitcoin ETFs saw the largest daily inflows since early June.
- BlackRock’s IBIT fund currently holds over $17 million worth of Bitcoin.
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U.S. spot Bitcoin exchange-traded funds (ETFs) attracted about $295 million in inflows on Monday, amid continued selling pressure from the German government and repayments from Mt. Gox. data According to SoSoValue, this marks the highest level of single-day entries in a month.
BlackRock’s IBIT fund led the way with $187 million in inflows while Fidelity’s FBTC brought in $61.5 million, the data showed.
Meanwhile, Grayscale’s GBTC saw $25 million in inflows. Bitwise’s BITB, ARK 21Shares’ ARKB, and VanEck’s HODL followed with $11 million, $8 million, and $1.5 million, respectively. The other funds saw no inflows.
BlackRock’s iShares Bitcoin Trust currently has over $17 billion in assets under management, according to updated data data from his official domain.
The cryptocurrency market has been on a downtrend in recent weeks following the Mt. Gox repayment announcement and recent wallet activity by the US and German governments.
Since the beginning of July, the German government has been selling bitcoins continuously. According to data According to Arkham Intelligence, the German government currently holds approximately 27,400 BTC, worth $1.5 billion. Following the recent BTC transfers, German authorities have sold almost half of their BTC holdings, which initially amounted to approximately 50,000 BTC.
Mt. Gox’s rehabilitation trustee confirmed that he had initiated the refund process last Friday. Under the plan, Mt. Gox victims will not receive refunds in Bitcoin and Bitcoin Cash directly, but through designated crypto exchanges.
These events have likely increased selling pressure on the cryptocurrency market. Bitcoin has fallen 17% in 30 days and is currently trading at around $57,000, according to data from CoinGecko.
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