Photo credit: Jeenah Moon/Bloomberg

Exchange-traded fund (ETF) investors appear to buy the Bitcoin dip as spot BTC funds in the United States register nearly $295 million in positive flows on July 8.

The net inflows into six out of the 11 Bitcoin ETFs represent the highest capital injection since June 5 when the funds had $488.24 million in single-day inflow, data from SoSoValue shows.

BlackRock’s iShares Bitcoin Trust (IBIT) posted $187.21 million, the highest on the day, followed by Fidelity’s FBTC ($61.54 million) and Grayscale’s GBTC ($25.08 million). Bitwise’s BITB, VanEck’s HODL, and Ark Invest and 21Shares’s ARKB also saw positive flows, totaling $21.08 million.

Overall, the 11 Bitcoin funds have accumulated $15.06 billion in net inflows since their January launch.

The record 21-day high follows positive flows on the previous trading day for Bitcoin ETFs when the funds notched $143.1 led by Fidelity’s BTC fund.

Bitcoin selling pressure

The market buying opportunity comes amid Germany’s Bitcoin selling spree and Mt. Gox’s creditor repayments, which has sparked concerns that the related selling pressure will push BTC price lower.

A wallet linked to the German government offloaded a massive $900 million worth of Bitcoin on July 8, marking its largest sell-off to date, data from Arkham Intelligence shows. The funds were dispersed across several crypto exchanges, including Bitstamp, Coinbase, and Kraken, as well as market makers Flow Traders and Cumberland DRW.

Bitcoin’s price dropped 3% to as low as $55,000 shortly after the last group of blockchain transactions totaling 8,700 BTC. It has since rebounded to over $57,000, at the time of writing, per CoinGecko.

Meanwhile, the upcoming repayments to Mt. Gox creditors, who lost their Bitcoin in the 2014 exchange hack, have raised concerns about a potential flood of Bitcoin hitting the market. With an estimated $8.5 billion in BTC set to be returned in the coming months, market watchers are wary that some creditors may choose to sell their holdings, potentially putting downward pressure on Bitcoin’s price.

However, some analysts have dispelled the concerns around the Mt. Gox Bitcoin sales, claiming that the market may be overestimating the potential sell pressure from these repayments.

Read more: Digital asset investments see $441M inflows amid Bitcoin downturn