• The U.S. listed spot ETFs saw new inflows of nearly $300 million on Monday.
  • BTC is currently being weighed down by temporary supply shortages, which are causing investors to bargain hunt.

BTC Price Index and Live Chart – CoinDesk”>(BTC) exchange-traded funds (ETFs) recorded nearly $300 million in net inflows on Monday, marking their highest buying activity since early June when the cryptocurrency traded over $70,000.

Data from SoSoValue shows that BlackRock’s IBIT, the market leader with over $180 million of net inflows in its IBIT fund, was followed by Fidelity FBTC. Grayscale’s GBTC, infamous for its outflows, recorded over $25 million of purchases.

No inflows or outflows were recorded for the ETFs offered By Invesco Franklin Templeton Valkyrie WisdomTree Hashdex.

BTC ETF Inflows (SoSoValue)

The strong inflows are a result of the significant pressure that bitcoin is facing from a variety of sources. For example, repayments related to defunct crypto-exchange Mt. Gox and the German government have moved hundreds of millions of dollars worth of BTC into exchanges over the last month.

In a report published on Monday, CoinShares, an investment firm, said that some investors might view the pressure to sell as an opportunity to buy.

CoinShares reported that “digital asset investment products” saw an inflow of US$441m. Recent price weakness, prompted by the German government and Mt Gox’s selling pressures, was likely seen as a good opportunity to buy. “However the volumes of Exchange Traded Product (ETPs), which are a type of derivative, remained low, at US$7.9 Billion for the week. This is in line with the seasonal pattern that lower volumes occur in summer months.”

The crypto market is expected to have a bullish month in July, as the average return has been 9%. This trend is expected to continue.

Omkar Godbole is the editor.