Massive Influx: Spot Bitcoin ETFs Accumulate $654M in BTC Within 3 Days

Bitcoin investors have injected over $650 million into U.S.-listed spot Bitcoin exchange-traded funds (ETFs) over the past three trading days since July 5.

This surge in investments continued with another substantial day of net inflows on July 9. BlackRock’s iShares Bitcoin Trust attracted $121 million, and Fidelity’s Wise Origin Bitcoin Fund saw inflows of $91 million.

According to Farside Investors, the total net inflows across all U.S.-based spot Bitcoin ETFs on July 9 amounted to $216.4 million, equating to 3,760 Bitcoin. The overall inflows include $294.8 million on July 8 and $143.1 million on July 5, bringing the three-day total to $654 million.

Despite this influx, Bitcoin’s price has struggled to rise above $60,000 since July 4. Currently, the cryptocurrency is trading at $59,165, reflecting a nearly 15% decline over the past month, as per TradingView data.

Analysts are optimistic that the ETFs could boost Bitcoin’s price, similar to their impact in the months leading up to March, when Bitcoin reached a new all-time high.

“The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor buy-the-news phenomenon,” noted Sina G, the co-founder and COO of Bitcoin custody consultancy firm 21st Capital, in an analysis on X.

“Up to mid-March ETF flows were very strong and the market moved up. Since then, ETFs slowed down and bankruptcy outflows took over, causing a weak price action all the way down to $56K,” he added.

Not enough to offset Germany’s BTC dump

Inflows to U.S. Bitcoin ETFs have not been sufficient to counterbalance a recent Bitcoin selling spree by Germany’s Bundeskriminalamt (BKA), the country’s federal criminal police. The BKA seized nearly 50,000 Bitcoin in mid-January during an investigation into a movie piracy website.

Since July 5, the BKA has reduced its Bitcoin holdings by more than $850 million, with large amounts of Bitcoin transferred between wallets owned by centralized exchanges and market makers, according to Arkham Intelligence.

Currently, the BKA’s wallet holds 23,960 Bitcoin worth $1.4 billion, which is less than half of the Bitcoin initially seized from the piracy site Movie2k in mid-January.

Onchain data from Arkham reveals that the BKA began selling Bitcoin on June 19 and intensified its efforts at the start of July.

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