2024

Bitcoin ETF

Bitcoin

Bitcoin ETF (exchange-traded fund) inflows hit $654 million over the past 3 days, but still failed to offset selling of seized Bitcoin by German authorities.
The total net inflows across all ETFs for July 9 totaled 3,760 Bitcoin estimated to be worth around $216.4 million, <a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">according</a> to data from Farside Investors. This comes after the funds collectively received $294.8 million and $143.1 million on July 8 and July 5, respectively.
<img decoding="async" src="https://coingape.com/wp-content/uploads/2024/03/BlackRock.jpg" alt="BlackRock's IBIT Becomes Largest Bitcoin Fund Overtaking Grayscale">
<h2 id="span-style-font-weight-400-blackrock-s-ibit-leads-in-bitcoin-etf-inflows-span">BlackRock’s IBIT Leads In Bitcoin ETF Inflows</h2>
BlackRock’s IBIT recorded the largest inflows after $121.03 million was added to its capital reserves on July 9. Fidelity’s FBTC took second place with its <a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">net inflows</a> for yesterday reaching $90.95 million.&nbsp;
ARKB, a fund jointly formed by Ark Invest and 21Shares, registered $43.3 million in inflows. Meanwhile, VanEck’s Bitcoin fund came in with the fourth biggest inflows for the day with its $3.27 million capital boost.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🇺🇸 ETFs bought 3,760 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ($216.4m) on July 9 🚀🚀
 Highlights:
 IBIT +2,100 BTC FBTC +1580 BTC ARKB +750 BTC GBTC -650 BTC <a href="https://t.co/z5hLWXQorI" rel="noopener noreferrer nofollow">pic.twitter.com/z5hLWXQorI</a>
 — Thomas | heyapollo.com (@thomas_fahrer) <a href="https://twitter.com/thomas_fahrer/status/1810862019073167728?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
However, not all U.S. spot <a href="https://insidebitcoins.com/news/bitcoin-price-prediction-etfs-buy-137-million-worth-of-btc-as-investors-flock-to-this-learn-to-earn-token-and-its-705-apy" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs recorded inflows. Grayscale’s GBTC continued to see funds exit its reserves since its conversion to a spot ETF at the start of the year. Yesterday saw another $37.5 million pulled out of the fund. Similarly, Bitwise’s BITB suffered outflows of $4.72 million.
<h2 id="span-style-font-weight-400-btc-stuck-below-60k-as-german-authorities-continue-to-exert-selling-pressure-span">BTC Stuck Below $60K As German Authorities Continue To Exert Selling Pressure</h2>
Despite the positive 3-day streak of inflows into these funds, the <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> remains down more than 2% on the weekly timeframe to trade at $59,275.04 as of 2:55 a.m. EST. 
This lackluster price performance is partly due to the large amount of BTC being sold off by Germany’s federal criminal police, the Bundeskriminalamt (BKA).
The BKA seized nearly 50,000 <a href="https://insidebitcoins.com/news/mt-gox-moves-2-7-billion-bitcoin-as-selloff-fears-trigger-crypto-crash" rel="noopener noreferrer nofollow">Bitcoin</a> at the start of the year during a probe into a movie pirating website. Since July 5, a wallet belonging to the BKA has been actively reducing its holdings, with more than $850 million in BTC being sent to market makers and centralized exchanges since the start of the month, <a href="https://t.co/ePjzPDKmos" rel="noopener noreferrer nofollow">data</a> from Arkham Intelligence shows.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Germany selling all their <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> will go down as one of the most retarded things their politicians ever did. <a href="https://t.co/dLewFC1duv" rel="noopener noreferrer nofollow">pic.twitter.com/dLewFC1duv</a>
 — Uncle Rockstar Developer (@r0ckstardev) <a href="https://twitter.com/r0ckstardev/status/1810619879944245677?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 9, 2024</a>
</blockquote>
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BKA’s wallet still holds 23.964K BTC, which is currently valued at more than $1.42 billion. Over the past 24 hours, the leading crypto’s 2% rise has boosted the dollar value of the holdings by more than $42.2 million.
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Bitcoin ETF Inflows Hit $654 Million In 3 Days, But Still Fail To Offset German Authority Sales

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