US Bitcoin ETFs suddenly recorded inflows of up to 143 million USD
It seems that many investors in the US have taken advantage of "bottom-catching" Bitcoin through ETF products after the dump on July 5.
According to data from Farside Investors, during 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.
Statistics on cash flow in/out of Bitcoin ETFs on July 5, 2024. Source: Farside Investors
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 by Coin68, 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.
