Spot Bitcoin (BTC) exchange-traded funds (ETFs) experienced a significant increase in buying activity on Monday, recording net inflows of approximately $300 million.
Bitcoin ETF Investors Turned the Decline into an Opportunity with an Inflow of Approximately 300 Million Dollars
According to SoSoValue data, this marks the highest level of buying seen since early June, when BTC was trading above $70,000.
The most bought investment vehicle was BlackRock's IBIT, with net inflows of approximately $180 million. It was followed by Fidelity's FBTC, while Grayscale's GBTC, often known for its outflows, recorded over $25 million in purchases.
ETFs from Invesco, Franklin Templeton, Valkyrie, WisdomTree and Hashdex did not show any entry or exit activity.
This influx of investment led to defunct crypto exchange Mt. It comes amid significant selling pressure on Bitcoin from a variety of sources, including refunds linked to Gox and significant BTC transfers by a German government organization.
Despite these pressures, some investors see this as a strategic buying opportunity.
Investment firm CoinShares echoed that sentiment in a report published Monday, noting that digital asset investment products saw total inflows of $441 million.
Mt. Mt.'s recent price weakness is likely perceived by investors as a buying opportunity. They attributed it to selling pressure from Gox and the German government.
Investors are optimistic about July, which has historically been a bullish month for the crypto market, with a median return of 9%. Many expect this trend to continue and see more interest and investment in Bitcoin ETFs.
*This is not investment advice.