Bitcoin Rebounds After ETF Investors BTFD! Inflows Surge Near $300M

So much for the Mt.Gox/Silk Road FUD pressure...

It seems bitcoin spot ETF investors were able to see through the coordinated (US and German govt simultaneous transfers) headline-grabbing singular overhangs on cryptos (from Mt.Gox and Silk Road) as they bought the f**king dip (twice) sending bitcoin back up to $58,000...

Source: Bloomberg

As CoinTelegraph reports, to date, the German government has transferred over 26,200 BTC - worth $1.5 billion at current prices - to exchanges and market makers. As of the time of publication, it still holds 27,460 BTC - worth $1.57 billion - in reserve, according to Arkham Intelligence data.

The German Government still holds some $1.57 billion in BTC. Source: Arkham Intelligence

Meanwhile, there are worries that $8.5 billion in BTC could hit the market in the coming months as the collapsed Japanese crypto exchange Mt. Gox begins paying back creditors who lost their funds in a 2014 hack.

However, some analysts say fears around Mt. Gox Bitcoin sales may be overblown.

The price of Bitcoin has tumbled over the last two trading weeks, dropping as low as $53,600 on July 5, the first time the asset had traded below $54,000 since February.

But investors BTFBTCETFD...

United States-based spot Bitcoin exchange-traded funds (ETFs) have notched their biggest day of net inflows in more than a month amid a flagging crypto market.

The 11 funds raked in $295 million on July 8. 

This marks the first day in the last three trading weeks that net inflows across all funds had been in the black.

BlackRock’s iShares Bitcoin Trust ETF saw the most significant daily inflow at $187.2 million, followed by Fidelity’s Wise Origin Bitcoin Fund, which posted gains of $61.5 million. Meanwhile, the Grayscale Bitcoin Trust also saw a rare day of positive price action, notching $25.1 million of inflows.

Source: Bloomberg

It’s the biggest day of inflows since June 5, when the ETFs exceeded $488 million in fresh capital.

This surge in inflows comes after a week of significant outflows, with more than $900 million leaving these funds in the previous month.