All spot Bitcoin ETFs recorded a whopping net inflow of $216 million on July 9. The previous day, Bitcoin ETFs saw almost $295 million, continuing their positive streak for the third day.
From the data released by SoSoValue, we observed that BlackRock’s IBIT led the movement with $121.03 million in inflows. Its impressive record was closely seconded by Fidelity’s FBTC, with $90.95 million in accumulated net inflows.
In the same vein, 21Shares’ ARKB and Ark Invest saw about an inflow of $43.3 million, and VanEck’s fund attracted $3.27 million. However, quite unexpectedly, Grayscale’s GBTC, another top-spot Bitcoin ETF, experienced outflows of $37.5 million. Also, Bitwise’s BITB noted $4.72 million in net outflows.
Overall, the spot Bitcoin ETFs traded a combined sum of $1.19 billion by July 9. This indicates heightened market activity in the crypto space. Since their inception in Jan. 2024, these Bitcoin ETFs have gathered $15 billion in inflow.
What does this spell for Bitcoin (BTC) price action?
According to CoinMarketCap, BTC price spiked 1.66% in the last 24 hours, nearly reaching $59,000. The crypto has fluctuated since dropping to lows of $54,000 last Friday. This coincided with when Mt. Gox crypto exchange began moving its BTC for a payout of $9 billion.
Analysts interpret these recent selling pressures, such as the Mt. Gox repayments, as an attractive investment opportunity. With the German government commodities liquidating Bitcoin, savvy investors see this as a chance to buy the dip, anticipating a significant spike in BTC value.
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