In just three days, Bitcoin exchange-traded funds (ETFs) have gathered over $1 billion in BTC, showcasing robust investor interest. This surge occurs as Bitcoin’s price hits $66,000 amid ongoing market uncertainties.
Institutional and Retail Investors Show Strong Interest
Both institutional and retail investors are demonstrating bullish sentiments. This is evidenced by the significant inflows into Bitcoin ETFs. On Tuesday alone, spot Bitcoin ETFs attracted $422.5 million, the highest daily inflow this month.
Major Players Lead the Inflows
BlackRock’s iShares Bitcoin Trust (IBIT) led with $260.2 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $61.1 million. Notably, there were no outflows from Bitcoin ETFs during these three days.
Crypto Whales Are Accumulating BTC
Crypto whales are also increasing their BTC holdings. On July 15, CryptoQuant data showed Bitcoin accumulation addresses received around 10,800 BTC, valued at approximately $656.64 million. Over the last 30 days, custodial wallets have amassed 85,000 BTC, according to CryptoQuant CEO Ki Young Ju.
Mt. Gox Concerns Resurface
Concerns about Mt. Gox have reemerged. The defunct exchange moved 91,755 BTC (~$5.8 billion) to new addresses, causing investor anxiety.
Experts Provide Reassurance
Despite these concerns, experts like Ju believe the market overestimates the potential impact of Mt. Gox repayments. Alex Thorn, Galaxy’s head of research, argues that the selling pressure might be less than feared. He suggests creditors might hold onto their assets due to significant capital gains taxes. Even if 10% of the 65,000 BTC creditors receive is sold, it would only add 6,500 BTC to the market—much lower than anticipated.
