Bitcoin ETF Inflows Hit $654 Million In 3 Days, But Still Fail To Offset German Authority Sales

Updated: 10 July 2024

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

The total net inflows across all ETFs for July 9 totaled 3,760 Bitcoin estimated to be worth around $216.4 million, 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.

BlackRock’s IBIT Leads In Bitcoin ETF Inflows

BlackRock’s IBIT recorded the largest inflows after $121.03 million was added to its capital reserves on July 9. Fidelity’s FBTC took second place with its net inflows for yesterday reaching $90.95 million.

ARKB, a fund jointly formed by Ark Invest and 21Shares, registered $43.3 million in inflows. Meanwhile, VanEck’s Bitcoin fund came in with the fourth biggest inflows for the day with its $3.27 million capital boost.

🇺🇸 ETFs bought 3,760 #Bitcoin ($216.4m) on July 9 🚀🚀

Highlights:

IBIT +2,100 BTC
FBTC +1580 BTC
ARKB +750 BTC
GBTC -650 BTC pic.twitter.com/z5hLWXQorI

— Thomas | heyapollo.com (@thomas_fahrer) July 10, 2024

However, not all U.S. spot Bitcoin ETFs recorded inflows. Grayscale’s GBTC continued to see funds exit its reserves since its conversion to a spot ETF at the start of the year. Yesterday saw another $37.5 million pulled out of the fund. Similarly, Bitwise’s BITB suffered outflows of $4.72 million.

BTC Stuck Below $60K As German Authorities Continue To Exert Selling Pressure

Despite the positive 3-day streak of inflows into these funds, the Bitcoin price remains down more than 2% on the weekly timeframe to trade at $59,275.04 as of 2:55 a.m. EST.

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

The BKA seized nearly 50,000 Bitcoin at the start of the year during a probe into a movie pirating website. Since July 5, a wallet belonging to the BKA has been actively reducing its holdings, with more than $850 million in BTC being sent to market makers and centralized exchanges since the start of the month, data from Arkham Intelligence shows.

Germany selling all their #Bitcoin will go down as one of the most retarded things their politicians ever did. pic.twitter.com/dLewFC1duv

— Uncle Rockstar Developer (@r0ckstardev) July 9, 2024

BKA’s wallet still holds 23.964K BTC, which is currently valued at more than $1.42 billion. Over the past 24 hours, the leading crypto’s 2% rise has boosted the dollar value of the holdings by more than $42.2 million.