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.
ETF bought 3,760 #Bitcoin ($216.4M) on July 9th.
The main news
IBIT +2,100 BTCFBTC +1580 BTCARKB +750 BTC GBTC -650 BTC pic.twitter.com/z5hLWXQorI
– Thomas | heyapollo.com (@thomas_fahrer) July 10, 2024
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.
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.
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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