Investors in Bitcoin exchange-traded funds (ETFs) showed strong confidence during a recent downturn in cryptocurrency markets.
On July 8, these ETFs recorded their highest daily inflows in more than a month, totaling $295 million. This marked a significant rebound after several weeks of net outflows. The largest inflow was seen in BlackRock’s fund, amounting to $187.2 million, followed by Fidelity with $61.5 million. Additionally, Grayscale Bitcoin Trust (GBTC) experienced a notable influx of $25.1 million.
The surge in ETF investments coincided with broader concerns in the market, including substantial Bitcoin sales by the German government and anticipated repayments to creditors of the defunct Mt. Gox exchange. Despite these uncertainties, some analysts downplayed fears over the impact of Mt. Gox’s Bitcoin sales on the market. The price of Bitcoin has recently fluctuated, dropping to as low as $53,600 on July 5 amidst the overall market volatility.
