Bitcoin (BTC) Spot ETFs See Nearly $300M in Inflows as Traders Buy the Dip

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

Bitcoin (BTC) exchange-traded funds (ETFs) saw nearly $300 million in net inflows on Monday, marking the highest buying activity since early June when the cryptocurrency traded above $70,000.

The inflows come despite bitcoin facing 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. However, 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.”

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

Here is a snapshot of Monday’s ETF activity, as tracked by SoSoValues:

FundNet Flow

iShares Core MSCI Total Intl Stock ETF (ITOT)$180,196,243

SPDR S&P 500 ETF (SPY)$64,660,263

Vanguard Total Stock Market ETF (VTI)$25,313,463

iShares Core S&P Total U.S. Stock Market ETF (ITOT)$14,836,433

Technology Select Sector SPDR ETF (XLK)$6,186,063

Invesco QQQ Trust (QQQ)$4,196,163

iShares MSCI Emerging Markets ETF (EEM)$2,293,062

Grayscale Bitcoin Trust (GBTC)$2,116,706

iShares Core High Dividend ETF (HDV)$1,686,163

Vanguard S&P 500 ETF (VOO)$1,413,063

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