The post Spot Bitcoin ETFs see record inflows in 30 days amid Bitcoin selling pressure appeared on BitcoinEthereumNews.com.

Key Takeaways Bitcoin ETFs experienced the highest single-day inflow since early June. BlackRock’s IBIT fund currently has over $17 million worth of Bitcoin in its holdings. US spot Bitcoin exchange-traded funds (ETFs) attracted approximately $295 million in inflows on Monday amid ongoing selling pressure from the German government and Mt. Gox repayments. According to data from SoSoValue, this marks the highest level of single-day inflows in a month. BlackRock’s IBIT fund led with $187 million in inflows while Fidelity’s FBTC reported $61.5 million, data shows. 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 remaining funds saw no inflows. BlackRock’s iShares Bitcoin Trust currently holds over $17 billion in assets under management, according to updated data from its official domain. The crypto market has been trending downward over the past few weeks following the Mt. Gox repayment announcement and recent wallet activities by the US and German governments. Since early July, the German government has been constantly selling Bitcoin. According to data from Arkham Intelligence, the government currently holds around 27,400 BTC, worth $1.5 billion. Following recent BTC transfers, the German authorities sold almost half of their BTC holdings, originally at around 50,000 BTC. Mt. Gox’s Rehabilitation Trustee confirmed that it had initiated the repayment process last Friday. As part of the plan, Mt. Gox’s victims will not receive Bitcoin and Bitcoin Cash repayments directly but through designated crypto exchanges. Those events have likely increased selling pressure across the crypto market. Bitcoin was down 17% in 30 days and is currently trading at around $57,000, according to CoinGecko’s data. Source: https://cryptobriefing.com/bitcoin-etf-inflows-july/

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Filed under: News - @ July 9, 2024 6:22 am