The US Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) have been taking a prominent place in Bitcoin news lately.
The funds launched in January have been on a roll all week, capped off yesterday by seeing their best trading day in 5 weeks with over $300 million in inflows.
Bitcoin ETFs on a winning streak
According to data from Farside Investors, Bitcoin ETFs ended a successful week on a high note yesterday, with combined net inflows of $310.1 million, marking the best performance since June 5, when $488.1 million was brought in.
HODL15Capital announced yesterday on social media platform X that the recent inflow corresponds to a total of 5,361 Bitcoins.
BlackRock’s IBIT fund topped the charts yesterday for the third time this week, with $120 million in inflows. Fidelity’s FBTC fund came in second with $115.1 million in inflows.
Bitwise and the joint fund of ARK Invest and 21Shares can also be pleased with inflows of $28.4 million and $13 million. Grayscale’s performance is also eye-catching. The GBTC fund welcomed $23 million, while it has seen capital disappear almost every day in recent weeks.
Yesterday’s result marks the sixth trading day in a row with combined net inflows. Exchange products are finally back on track, attracting more than $1 billion in the past week for the first time since early June. To be precise, the total inflow for the past week is $1,047.6 billion.
German BTC dump ends
The Bitcoin price has been plagued by massive sales by the German government for weeks. In February of this year, German authorities confiscated almost 50,000 Bitcoins, which they have been gradually relinquishing since mid-June.
Selling has been ramping up at a record pace over the past week, which logically spelled bad news for Bitcoin prices. However, strong inflows into US Bitcoin ETFs have managed to absorb much of the selling pressure.
Earlier today you could read that the BTC wallet of the German government has finally been emptied, which means that this heavy selling pressure is now gone. If the Bitcoin ETFs can continue their positive momentum, the Bitcoin price could recover further. Reclaiming $60,000 seems to be an important step to be able to continue on a path upwards.
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Source: https://newsbit.nl/bitcoin-etfs-zetten-succes-voort-met-meer-dan-300-miljoen-aan-instromen/
