Bitcoin Rebounds 5% as Analysts Argue Mt. Gox Fears Are Overview
Investors can breathe a sigh of relief as net inflows in U.S. spot Bitcoin ETFs exceeded net outflows to the tune of $31 million for the first time in two weeks, according to data analytics platform SoSovalue.
This newfound vote of confidence in Bitcoin from institutional investors has coincided with the Bitcoin price recovering from $59,495 to $61,485 at the time of writing, an increase of 3.5% after Bitcoin breached the $60,000 mark on June 25.
Fidelity’s FBTC fund saw the highest inflow of $49 million, while Bitwise’s BITB fund witnessed an inflow of $15 million. Meanwhile, Grayscale’s GBTC fund registered the highest outflow of $30 million.
Bitcoin ETFs saw a major sell-off as net outflows stood at $714 million in the previous five trading sessions. The sell-off intensified on June 24, as Mt. Gox trustees announced that Mt. Gox creditors would start receiving reimbursements from next week.
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