Traders have massively invested in Bitcoin ETFs since early July. However, this has not been enough to offset the heavy BTC sales. These took place in Germany.
Furthermore, Bitcoin investors have injected more than 650 million dollars into the ETFs listed in the United States since July 5.
This follows a new day of strong net inflows. This concerns the 11 spot Bitcoin ETFs on July 9.
Moreover, BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust, recorded 121 million dollars of inflows. It is followed by Fidelity’s Wise Origin Bitcoin Fund. The latter garnered 91 million dollars.
Significant movements observed
Indeed, the total net inflows into all US-based Bitcoin ETFs for July 9 amount to more than 216 million dollars. The capital influx totals 654 million dollars. This is in total over the past three days.
The star of cryptocurrencies, Bitcoin, nevertheless has not managed to exceed 60,000 dollars since July 4. It has even experienced a drop. This represents nearly 15% over the past month.
Moreover, some analysts hope that ETFs will help drive up the price of BTC. This was already the case in the months leading up to March. Indeed, BTC had reached a new all-time high.
Until mid-March, ETF flows were very significant, and the market progressed. Since then, ETF purchases have slowed, and bankruptcy flows have taken over, causing a weak price action down to 56,000 dollars.
BTC Dumping in Germany
The capital influx into US Bitcoin ETFs has not been enough to offset the recent Bitcoin sales by the Bundeskriminalamt or BKA, the German federal criminal police. It had seized nearly 50,000 Bitcoins in mid-January as part of an investigation into a film piracy website.
Since July 5, the BKA’s wallet has reduced its BTC holdings by more than 850 million dollars. Hundreds of millions of Bitcoins had been sent back to wallets belonging to centralized exchanges.
Furthermore, its wallet now contains 23,960 Bitcoins worth 1.4 billion dollars, less than half of the total Bitcoins initially seized.
Indeed, the sale had started on June 19 and had intensified at the beginning of July.
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