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Bitcoin investors injected $216 million, or 3,760 BTC, into United States-listed Bitcoin exchange-traded funds (ETFs) on July 9, extending the funds’ net inflows streak to three days.

Tuesday was another strong day for the 11 US Bitcoin funds in terms of net asset value, led by asset manager BlackRock’s iShares Bitcoin Trust. SoSovalue data shows that the fund had $121.03 million in net inflows, followed by $90.95 million in Fidelity’s FBTC. The ARK 21Shares Bitcoin ETF and the VanEck Bitcoin Trust also saw positive flows amounting to $46.57 million.

Conversely, Grayscale Bitcoin Trust (GBTC), the second-largest Bitcoin ETF, experienced outflows of $37.5 million. Bitwise Bitcoin Fund (BITB) also recorded net outflows, though smaller, amounting to $4.72 million.

Although Bitcoin surged nearly 2% in the past 24 hours, it failed to climb past the $60,000 mark, settling in at above $58,000, per CoinGecko. The original crypto asset is also down 15.7% in the last 30 days amid purported selling pressure tied to several factors, including the German government’s BTC sales.

According to Arkham Intelligence, the Bitcoin wallet labeled German Government recently unloaded 3,000 BTC, worth approximately $176.26 million, to market maker Flow Traders. As of 3:09 p.m. GST on June 10, the wallet has transferred a total of $520.17 million worth of BTC today alone.

ETFs as Bitcoin price catalyst

Some analysts are hopeful that these ETFs will drive up the teetering price of Bitcoin, similar to the trend observed in the months leading up to its all-time high in March.

“The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor buy-the-news phenomenon,” Sina G, co-founder and chief operating officer of digital asset consultancy firm 21st Capital, wrote on X.

“Up to mid-March ETF flows were very strong and the market moved up. Since then ETFs slowed down and bankruptcy outflows took over, causing a weak price action all the way down to $56K,” he added.

A total of $1.19 billion worth of value was traded on the 11 spot BTC ETFs on the last trading day. These funds have accumulated a total net inflow of $15.27 billion since their launch in January.