Bitcoin ETF Inflows Surge to Nearly $295 Million, a Monthly High

On July 8, net inflows into spot Bitcoin ETFs reached $294.9 million, up from $143.1 million on the previous trading day, according to SoSoValue.

This figure marks a 21-day high.

Total inflows across all BTC-ETFs exceeded $15 billion.

Investors allocated $187.21 million to BlackRock’s IBIT, $61.54 million to Fidelity’s FBTC, $25.08 million to Grayscale’s GBTC, $11.05 million to Bitwise’s BITB, and $8.44 million to ARK Invest’s ARKB. Other products showed no change.

The demand for these instruments coincided with significant sales of coins by the German government. To date, the authorities have transferred over 26,200 BTC (~$1.5 billion) to exchange and market maker wallets. According to Arkham Intelligence, 27,460 BTC (~$1.57 billion) remain in reserve.

Market participants are also anticipating the distribution of 94,771 BTC (~$5.4 billion) to Mt.Gox clients. Media reports indicate that BitBank and SBI VC Trade dispatched their allocated 47,229 BTC (~$2.7 billion) within hours, rather than the two weeks initially planned.

According to Santiment, trader sentiment on social media is showing the most bearish outlook in a year. Experts suggest that with such FUD among the crowd, the chances of a rebound that catches most off guard are at their peak.

? Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan, and BitcoinTalk are showing the most bearish narratives this week in a year. When the crowd shows FUD at this level, the chances of a rebound to catch the majority off guard is at its peak. pic.twitter.com/JLOhNB77n7

— Santiment (@santimentfeed) July 9, 2024

Bitfinex has pointed to the potential for Bitcoin to reach a local minimum, as indicated by market data.

Analysts believe the decline was influenced by news of compensation to Mt.Gox creditors and the movement of coins confiscated by the German government. However, experts noted that the market has realized the volume of assets involved is not as significant as initially thought.

Meanwhile, technical analyst Peter Brandt has suggested the price of the leading cryptocurrency could fall to $44,000.