Bitcoin ETF Traders Buy the Dip With Nearly $300 Million Inflows

Source: CoinDesk

“Spot bitcoin (BTC) exchange-traded funds (ETFs) recorded nearly $300 million in net inflows on Monday, marking their highest buying activity since early June when the cryptocurrency traded over $70,000. SoSoValue data show that market leader BlackRock’s IBIT led buying activity with nearly $180 million in net inflows, followed by Fidelity’s FBTC. Grayscale’s GBTC — infamous for its outflows — recorded over $25 million in purchases. ETFs offered by Invesco, Franklin Templeton, Valkyrie, WisdomTree and Hashdex showed no inflow or outflow activity. Strong inflows come as bitcoin faces significant selling pressure from various sources, such as repayments tied to defunct crypto exchange Mt. Gox and a German government entity moving hundreds of millions worth of BTC to exchanges in the past month.” (07/09/24)