Amidst market declines, spot Bitcoin ETFs saw major contributions from BlackRock’s IBIT and Fidelity’s FBTC.
The US spot Bitcoin exchange-traded funds (ETFs) saw nearly $295 million in net inflows on July 8th. This represented significant buying activity, which was last seen in June, when Bitcoin was hovering above $70,000.
Notably, major funds have appeared to have made a comeback despite Bitcoin struggling with downward pressure.
BlackRock’s IBIT Tops ETF Inflows
The latest surge in investment comes as these vehicles kicked off July on a strong note. In the second week of July, they opened positively again, reflecting a renewed interest in the market.
SoSoValue’s latest data highlighted the significant inflows into major ETFs. BlackRock’s IBIT dominated the charts with $187.21 million, the highest in a month, while Fidelity’s FBTC recorded $61.54 million.
Even Grayscale’s GBTC attracted $25.07 million, followed by Bitwise’s BITB with $11.05 million. Ark Invest and 21Shares’ ARKB garnered $8.44 million, and VanEck’s HODL received $1.59 million.
In contrast, some ETFs such as Invesco and Galaxy Digital’s BTCO, Valkyrie Digital Assets’ BRRR, Franklin Templeton’s EZBC, WisdomTree’s BTCW, and Hashdex’s DEFI recorded no flows for the day.
Exaggerated Concerns?
The inflows come as Bitcoin continues to face intense selling pressure as a result of repayments linked to the defunct Mt. Gox exchange and the German government transferring hundreds of millions in BTC to exchanges last month.
CoinShares suggested that this resultant dip has served as a buying opportunity for investors, as demonstrated by the inflow of $441 million in digital asset investment products over the past week.
However, the concerns of potential liquidity dumps from the German government and Mt. Gox creditors continue. Despite this, experts suggest that the Bitcoin market can absorb it. It is estimated that the combined impact to lead to a drop of 10.5% to around $47,000-$48,000 level.
Source: cryptopotato.com
