Spot Bitcoin ETF Buys $654M BTC in 3 Days

Spot Bitcoin Etf Buys $654M Btc In 3 Days


In the past three trading days since July 5, Bitcoin investors have sent more than $650 million to US-listed Bitcoin exchange-traded funds (ETFs).

It comes after another strong day with 11 points for BitBTC (BTC) ETF net income on July 9. BlackRock's Bitcoin ETF, the iShares Bitcoin Trust (IBIT), posted $121 million, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC), which posted $91 million.

Total net inflows across all U.S.-based Bitcoin ETFs on July 9 reached $216.4 million, or 3,760 bitcoins, according to data from Farside Investors.

A burst of earnings including $294.8 million on July 8 and $143.1 million on July 5 totaled $654 million in the last three trading days.

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Since July 4, Bitcoin has failed to return above $60,000. At the time of writing, the cryptocurrency is trading at $59,165, according to TradingView, down almost 15% over the past month.

Some analysts hope that ETFs will help boost Bitcoin's value, as they did in the months before March, when Bitcoin hit a new all-time high.

“The run from $16k to $73k was largely driven by ETFs, following the rumored buy-the-news event,” said Sina Gee, co-founder and chief operating officer of Bitcoin security advisory firm 21 Capital, in an analysis thread on X.

“Through mid-March, ETF flows were very strong and the market rallied. Since then, ETFs have declined and loss flows have taken over, leading to weak price action down to $56K,” he wrote.

German BTC is not enough to compensate for the waste

Inflows into US Bitcoin ETFs In mid-January, an investigation into a hacker website found nearly 50,000 bitcoins were not enough to bypass Germany's Bundeskriminalamt (BKA), the country's federal criminal police, in a recent crackdown on bitcoin sales.

Related: Australia's main stock exchange to find second place Bitcoin ETF

Since July 5, the BKA wallet has reduced its BTC holdings by more than $850 million, with hundreds of millions of bitcoins sent back and forth between central exchanges and market makers owned, according to Arkham Intelligence.

The wallet now holds 23,960 bitcoins, worth $1.4 billion, which is less than half of the total bitcoin held by movie pirate site Movie2k in mid-January.

Source: Uncle Rockstar Developer

Onchain data from Arkham shows that BKA began selling Bitcoin on June 19 and ramped up its efforts in early July.

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