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

Net inflows on Monday were the highest since early June, data shows, with Blackrock’s BTC ETF taking on almost $190 million.

AccessTimeIconJul 9, 2024 at 6:59 a.m. UTC
Updated Jul 9, 2024 at 7:55 a.m. UTC
  • On Monday, the U.S.-listed spot ETFs witnessed nearly $300 million in new inflows.
  • Investors seem to be bargain-hunting as temporary supply overhangs weigh over BTC's price.

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.

BTC ETF inflows. (SoSoValue)
BTC ETF inflows. (SoSoValue)

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.

As such, some investors may be viewing the selling pressure as a buying opportunity, investment firm CoinShares said in a Monday report.

“Digital asset investment products saw inflows totaling US$441m, with recent price weakness prompted by Mt Gox and the German Government selling pressure likely being seen as a buying opportunity,” CoinShares said. “However, volumes in Exchange Traded Products (ETPs) remained relatively low at US$7.9 billion for the week, reflecting the typical seasonal pattern of lower volumes in the summer months.”

Traders largely expect July to be a generally bullish month for the crypto market as it has seen a medium return of 9% historically, with the trend expected to continue.

Edited by Omkar Godbole.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Read more about