Bitcoin ETF inflows hit $654M in 3 days, but still fail to offset German authorities' selling

bitcoin ETF (exchange-traded fund) inflows hit $654 million over the past 3 days, but still failed to offset the sale of bitcoin confiscated by German authorities.

Total net inflows into all ETFs as of July 9 amounted to 3,760 bitcoin, estimated to be worth around $216.4 million. according According 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" alt="BlackRock's IBIT Becomes Largest bitcoin Fund, Surpassing Grayscale” src=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-ETF-inflows-hit-654M-in-3-days-but-still.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-ETF-inflows-hit-654M-in-3-days-but-still.jpg" alt="BlackRock's IBIT Becomes Largest bitcoin Fund, Surpassing Grayscale”/>

BlackRock's IBIT leads bitcoin ETF inflows

BlackRock's IBIT saw the largest inflows after $121.03 million was added to its capital reserves on July 9. Fidelity's FBTC ranked second with its btc-spot”>net inflows yesterday reaching $90.95 million.

ARKB, a fund jointly formed by Ark Invest and 21Shares, saw $43.3 million in inflows. Meanwhile, VanEck’s bitcoin fund saw the fourth-largest inflow of the day with its $3.27 million capital raise.

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ETFs bought 3,760 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ($216.4 million) on July 9th

Reflexes:

IR +2,100 btc
FBTC +1580 btc
ARKB +750 btc
GBTC-650 btc image.twitter.com/z5hLWXQorI

—Thomas | heyapollo.com (@thomas_fahrer) twitter.com/thomas_fahrer/status/1810862019073167728?ref_src=twsrc%5Etfw”>July 10, 2024

However, not all US points bitcoin ETFs saw capital inflows. Grayscale’s GBTC continued to see its funds drain from its reserves since converting to a spot ETF earlier this year. Another $37.5 million was withdrawn from the fund yesterday. Similarly, Bitwise’s BITB saw capital outflows of $4.72 million.

btc remains below $60,000 as German authorities continue to apply selling pressure

Despite the three-day positive streak of inflows into these funds, bitcoin/”>bitcoin Price remains down more than 2% on the weekly time frame to trade at $59,275.04 at 2:55 am EST.

This lackluster price performance is partly due to the large amount of btc being sold by Germany's federal criminal police, the Bundeskriminalamt (BKA).

The BKA confiscated almost 50,000 bitcoin Earlier this year, during an investigation into a movie piracy website, a BKA wallet has been actively reducing its holdings since July 5, and over $850 million worth of btc has been sent to market makers and centralized exchanges since the beginning of the month. data from Arkham Intelligence shows.

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Germany sells all its twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin will go down in history as one of the stupidest things your politicians have ever done. image.twitter.com/dLewFC1duv

— Uncle Rockstar Developer (@r0ckstardev) twitter.com/r0ckstardev/status/1810619879944245677?ref_src=twsrc%5Etfw”>July 9, 2024

BKA’s wallet still contains 23,964 thousand btc, which are currently valued at over $1.42 billion. Over the past 24 hours, the leading cryptocurrency’s 2% increase has pushed the dollar value of the holdings up by over $42.2 million.

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