Spot Bitcoin ETFs Witness $438M in Inflows in 2 Days Amid Dip Buying Spree
Investors are capitalizing on the recent dip in Bitcoin prices by pouring money into Bitcoin exchange-traded funds (ETFs).
Over the past two trading sessions, US Bitcoin ETFs have experienced a net inflow of $438 million, according to data compiled by Bloomberg.
The surge in investments comes at a time when the original cryptocurrency has faced a decline of around 20% since early June.
However, market participants view this price dip as an opportunity for buying.
“So many investors still don’t own Bitcoin, and that underpins the long-term bull case,” Charlie Morris, chief investment officer at ByteTree, wrote in a note. “This supply storm will soon pass.”
On July 8, the total net inflow of Bitcoin spot ETFs was $295 million, the highest inflow in the past 21 days. Yesterday, the German government also sold the largest amount of BTCs in recent times, reaching $915.3 million. Grayscale ETF GBTC had a single-day inflow of $25.0753… pic.twitter.com/Xzw0NANog6
— Wu Blockchain (@WuBlockchain) July 9, 2024
While Bitcoin has been under selling pressure from various sources, including repayments related to Mt. Gox and a German government entity liquidating Bitcoin on exchanges, analysts speculate that investors perceive this selling pressure as an attractive entry point.
CoinShares, an investment firm, reported total inflows of $441 million into digital asset investment products for the week.
However, trading volumes in exchange-traded products remained relatively low at $7.9 billion, which aligns with typical patterns observed during the summer.
Historically, July has been a bullish month for the crypto market, with a median return of 9%. Many traders anticipate this trend to continue.
Data from SoSoValue reveals that the cumulative net
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