United

Immutable

Bitcoin

Arkham

Bitcoin investors have sent over $650 million into United States-listed spot Bitcoin exchange-traded funds (ETFs) over the last three trading days. 
It comes after another strong day of net inflows for the 11 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs on July 9. BlackRock’s <a href="https://cointelegraph.com/learn/bitcoin-etfs-a-beginners-guide-to-exchange-traded-funds">Bitcoin ETF</a>, known as the iShares Bitcoin Trust (IBIT), pulled in $121 million in inflows, followed by Fidelity Wise Origin Bitcoin (FBTC), which raked in $91 million. 
Total net inflows across all ETFs for July 9 came to $216.4 million, or 3,760 Bitcoin, per <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">data</a> from Farside Investors. 
<blockquote class="twitter-tweet">
 ETFs bought 3,760 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#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">pic.twitter.com/z5hLWXQorI</a>— Thomas | heyapollo.com (@thomas_fahrer) <a href="https://twitter.com/thomas_fahrer/status/1810862019073167728?ref_src=twsrc%5Etfw">July 10, 2024</a>
</blockquote>
The burst of inflows, which includes <a href="https://cointelegraph.com/news/bitcoin-etf-investors-buy-the-dip-daily-inflows-hit-295-million">$294.8 million on</a>&nbsp;July 8, and $143.1 million on July 5, totals $654 million over the past three trading days.
Bitcoin has failed to climb back over $60,000 since July 4. It is currently trading for $59,165, <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="noopener nofollow">according</a> to TradingView, down almost 15% over the past month. 
Some analysts hope the ETFs will help drive up the price of Bitcoin, as it did in the months leading up to March, when Bitcoin notched a new all-time high. 
“The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor buy-the-news phenomenon,” wrote Sina G, the co-founder and chief operating officer of Bitcoin custody consultancy firm 21st Capital, in an <a href="https://cointelegraph.com/news/bitcoin-price-56k-us-stocks-fresh-all-time-highs">analysis thread</a> on X. 
“Up to mid-March ETF flows were very strong and the market moved up. Since then, ETFs slowed down and bankruptcy outflows took over, causing a weak price action all the way down to $56K,” he wrote.
<h2 id="not-enough-to-offset-germany-s-btc-dump">Not enough to offset Germany’s BTC dump</h2>
Inflows to US Bitcoin ETFs haven’t been enough to outpace a <a href="https://cointelegraph.com/news/german-government-prepares-next-276m-btc-selloff">recent Bitcoin selling spree</a> from Germany’s Bundeskriminalamt (BKA), the country’s federal criminal police, which seized nearly 50,000 Bitcoin in mid-January amid a probe into a movie pirating website. 
Related: <a href="https://cointelegraph.com/news/asx-gets-second-spot-bitcoin-etf-launch-australia-digitalx">Australia’s main stock exchange to get second spot Bitcoin ETF</a>
Since July 5, the BKA’s wallet has <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">reduced</a> its BTC holdings by more than $850 million, with hundreds of millions in Bitcoin sent back and forth (mostly forth) to <a href="https://cointelegraph.com/explained/crypto-wallets-explained">wallets</a> owned by centralized exchanges and market makers, according to Arkham Intelligence. 
Its wallet now holds 23,960 Bitcoin, worth $1.4 billion, less than half of the total Bitcoin originally seized from the film piracy site Movie2k in mid-January.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/24dd1666-85a4-464c-9515-bc2f647ffcbd.PNG" alt="Spot Bitcoin ETFs buy up $654M in BTC over 3 days">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/r0ckstardev/status/1810619879944245677" target="_blank" rel="noopener nofollow">Uncle Rockstar Developer</a>
 </figcaption>
</figure>
Onchain data from Arkham shows that the BKA began selling Bitcoin on June 19 and ramped up its efforts at the beginning of July. 
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-immutable-robbie-ferguson-skale-network-notcoin-web3-gamer/">Earn Bitcoin for eating tickets, Immutable says ‘big studios are showing up’ — Web3 Gamer</a>

Spot Bitcoin ETFs buy up $654M in BTC over 3 days

İçindekiler

Cointelegraph

10 Tem 2024 tarihli diğer yazılar

MoonBag Outpaces Avalanche and Fetch AI by Raising $3.3M and becomes the Top Crypto Presale

How Will XRP’s Price Movement Evolve?

German gov’t $354M BTC sell-off: Yet more volatility incoming?

Cardano Makes Strides in Gaming Space with New Milestone

Chainge partners with Elastos to enhance Cross-Chain Interoperability with New Integration

Emerging Blockchain Projects to Keep an Eye On in July 2024:

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!