Bitcoin ETFs See Continued Positive Inflows Indicating Stable Market Confidence Despite US Government Selloff

On June 26, 2024, the ETF market saw a net inflow of $21 million, indicating continued investor interest in cryptocurrency investment products. Grayscale’s Bitcoin Trust (GBTC) experienced its first positive inflow of $4.3 million after a two-week period of consistent outflows. Meanwhile, BlackRock’s Bitcoin ETF (IBIT) saw no change in its inflows, remaining stagnant for the eighth consecutive day. King Young Ju, CEO of CryptoQuant, addressed concerns about the U.S. government’s recent sale of 4,000 Bitcoins, stating that it is unlikely to significantly affect the broader market. Ju notes that Coinbase Prime frequently handles between 6,000 and 49,000 Bitcoins daily as part of its operations related to ETF inflows, indicating that the market can absorb larger volumes without substantial disruption. His comments aim to mitigate widespread misconceptions and anxiety surrounding government actions in crypto, often referred to as ‘FUD’ (fear, uncertainty, and doubt).