Bitcoin spot ETF cash flow nearly reached 300 million USD, the highest in the past month

The trading day of July 8 witnessed a net cash flow of nearly 300 million USD, the highest in the past month, bringing a positive signal causing Bitcoin price to maintain around 57,500 USD.


After days of anxiety over the German government selling BTC and Mt. Gox started repaying debt, causing market panic, so far there has been a positive signal that has raised investors' hopes.
That is the Bitcoin spot ETF cash flow on the US market recording an "all green" trading day, with inflow up to 294.8 million USD. Furthermore, this is the trading day with the highest cash inflow during the past month.

According to data from Sosovalue, the last trading day that saw inflow higher than July 8 was on June 5 with more than 488 million USD.

Among the 11 ETFs, recording the highest cash flow of the day was BlackRock's IBIT with 187.2 million USD. Followed by Fidelity's FBTC with 61.5 million USD and BlackRock's GBTC with 25.1 million USD. The inflow of these three funds combined accounted for 92% of the day's net capital flow.
In addition, yesterday's move of 900 million USD in Bitcoin by German authorities turned out not to be that serious. According to Arkham, 200 million USD in BTC was transferred back to German government wallets from Kraken, Coinbase and Bitstamp exchanges within the past 12 hours.
This shows that although the above assets were sent to the exchange, they were not eventually released to the market. So it actually doesn't have an impact on the price of the king coin.

Indeed, BTC price is currently hovering around $57,500, having recovered quite a bit from the low of 54,260 recorded on July 8.
1h chart of the BTC/USDT pair on Binance at 01:55 PM on July 9, 2024

ETH is also up nearly 6% in the past 24 hours, trading around $3,080.
1h chart of the ETH/USDT pair on Binance at 01:55 PM on July 9, 2024

Meanwhile, the German government wallet still owns $1.58 billion in Bitcoin.
According to data from Farside Investors, in the trading session on July 5 (US time), Bitcoin spot ETFs saw inflows reaching 143.1 million USD.

Leading the way is Fidelity's FBTC fund with an inflow of up to 117.4 million USD, while the remaining funds all have positive or zero inflows, including the largest ETF, BlackRock. Like previous times, the only Bitcoin ETF with an outflow was Grayscale's GBTC with 28.6 million USD sold.

This is the trading session where ETFs had the highest inflow in the past 30 days.

This is information that is extremely contrary to many people's expectations because after the crypto market dump on July 5, which brought BTC prices to the lowest level in the past 5 months at 53,500 USD, the general psychology of investors will change. is that ETF investors will also sell off assets to avoid further losses.

However, it seems that the opposite has happened with instead of selling, Bitcoin ETFs are buying. Part of the motivation can be explained by the US stock market, which continuously set new peaks in the early days of July.


The fact that the Bitcoin market has buying power from ETFs has also somewhat reduced the selling pressure from the German government - the "whale" that has continuously dumped BTC in the past 2 weeks, as well as creditors of Mt. Gox - who finally got their money back after 10 years of waiting.

As reported, Mt. Gox on July 5 announced it had begun the process of returning assets to users in the form of BTC, BCH, and Japanese yen. The asset repayment period will last about 3 months, meaning that Bitcoin in particular and the crypto market in general will see more selling pressure in the near future.

Bitcoin price on the morning of July 6 is fluctuating around the $56,300 area, temporarily recovering from yesterday's low of $53,500. However, many investors are still pessimistic about BTC's prospects in the near future, leaning towards the scenario that this currency will continue to adjust to the $50,000 mark or even lower.