Bitcoin ETFs have attracted more than $1 billion in BTC in the last three trading days, showing strong investor interest. This notable increase coincided with Bitcoin price reaching $66,000 despite market uncertainties.
Strong participation from institutional and retail investors reflects the optimistic sentiment in the market.
Also Read: Bitcoin boosted investment Capital flows into Crypto to 17.8 billion USD from the YTD
Bitcoin ETF, whales simultaneously accumulate
According to Farside Investors, Bitcoin Spot ETFs saw significant inflows on Tuesday, with more than $422.5 million—the highest of the month. BlackRock's iShares Bitcoin Fund (IBIT) leads with $260.2 million. Meanwhile, Fidelity's Wise Origin Bitcoin Fund (FBTC) attracted about 61.1 million USD. Notably, there have been no outflows from Bitcoin ETFs over the past three trading days.
| Day | IBIT | FBTC | BITB | ARKB | BTCO | EZBC | BRRR | HODL | BTCW | GBTC | DeFi | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| July 12, 2024 | 120.0 | 115.1 | 28.4 | 13.0 | 4.0 | 0.0 | 0.0 | 6.6 | 0.0 | 23.0 | 0.0 | 310.1 |
| July 15, 2024 | 117.2 | 36.1 | 15.2 | 117.2 | 7.9 | 3.7 | 0.0 | 3.6 | 0.0 | 0.0 | 0.0 | 300.9 |
| July 16, 2024 | 260.2 | 61.1 | 17.3 | 29.8 | 20.5 | 9.4 | 2.2 | 22.0 | 0.0 | 0.0 | 0.0 | 422.5 |
At the same time, crypto whales have also been actively accumulating large amounts of BTC. On July 15, data from CryptoQuant showed that Bitcoin accumulation addresses received about 10,800 BTC, or about $656.64 million.
The amount of Bitcoin flowing to addresses accumulates. Source: CryptoQuantFurthermore, Ki Young Ju, CEO of CryptoQuant, Chia insights on X (formerly Twitter) about the behavior of Bitcoin owners. Over the past 30 days, mainly custodial wallets, which typically have no outflows, have accumulated 85,000 BTC. According to Ju, while some market participants are selling off , others are taking advantage of the opportunity to buy.
In this context, concerns about Mt. Gox has reappeared. This defunct exchange recently transferred 91,755 BTC (~5.8 billion USD) to new addresses, sparking fear among investors. Shortly after, Kraken announced that it would distribute Bitcoin and Bitcoin Cash (BCH) to those affected by the collapse of Mt. Gox.
Despite these concerns, experts like Ju believe the market has overestimated the potential upside from Mt. Gox.
“Since 2023, $224 billion in Bitcoin has been sold, but the price increased by 350%. Even if the $3 billion of Mt. Gox is sold on Kraken, which is only 1% of the actual Capital increase during this bull cycle — a manageable amount of liquidation ,”
Ju explained .
Alex Thorn, head of research at Galaxy, also suggested that the impact on Bitcoin selling pressure may be less than expected. His assessment is based on a thorough XEM of bankruptcy filings and discussions with creditors.
Thorn believes the payment terms could encourage creditors to keep their assets, given the significant Capital gains tax involved. After deducting early payments, individual creditors will receive approximately 65,000 BTC. Even if 10% of these were sold, only about 6,500 BTC would enter the market—far less than market concerns had predicted.
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