Bitcoin dip buying spree sees $438M Bitcoin ETF inflows

Bitcoin dip buying spree sees $438M Bitcoin ETF inflows

BlackRock’s IBIT leads with $180 million in Bitcoin ETF purchases.

Buyin' The Dip (GAMESTOP) ft. Meet Kevin & Charles Payne

Screenshot from Dylan Locke on YouTube: Buyin’ The Dip (GAMESTOP) ft. Meet Kevin & Charles Payne

Key Takeaways

  • Bitcoin ETFs recorded nearly $300 million in inflows on a single Monday.
  • BlackRock’s IBIT ETF was the top performer with nearly $180 million in purchases.

Share this article

Bitcoin spot ETFs saw significant inflows on Monday. This marks the highest level of buying activity since early June when Bitcoin was trading above $70,000. According to an initial report from Bloomberg, over $438 million has been poured into US ETFs in just two days.

BlackRock’s IBIT led the inflows with about $180 million, followed by Fidelity’s FBTC. Notably, Grayscale’s GBTC, which has been known for outflows, recorded over $25 million in purchases.

These strong inflows come at a time when Bitcoin is facing selling pressure from multiple sources, including repayments related to the defunct Mt. Gox exchange and a German government entity moving large amounts of Bitcoin to exchanges.

Some analysts suggest investors may view this selling pressure as a buying opportunity. Investment firm CoinShares reported total inflows of $441 million into digital asset investment products for the week, though trading volumes in exchange-traded products remained relatively low at $7.9 billion, which is consistent with typical summer patterns.

Historically, July has been a bullish month for the crypto market, with a median return of 9%. Many traders expect this trend to continue. According to data from SoSoValue, the cumulative net inflow for Bitcoin has reached $15 billion, with the daily net inflow reaching $294 million. The total net assets across these ETFs stand at $49.32 billion, with Bitcoin priced at $55,844.2 at the time of reporting.

This data suggests that despite recent price volatility and selling pressure, institutional interest in Bitcoin through regulated ETF products remains strong. The willingness of investors to buy during price dips could potentially provide support for Bitcoin’s value in the face of current market challenges.

Share this article

Published at Tue, 09 Jul 2024 09:59:26 +0200

Previous ArticleNext Article

Leave a Reply

Your email address will not be published.