What Happened: Data from SoSoValue shows BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) led the buying spree with $187 million in net inflows. Fidelity's Fidelity Wise Origin Bitcoin Fund (CRYPTO: FBTC) followed with $61 million. Grayscale's GBTC (OTC:GBTC), known for its outflows, recorded over $25 million in purchases.

Other ETFs showed no inflow or outflow activity. The strong inflows come amid significant selling pressure from sources like the defunct crypto exchange Mt. Gox and a German government entity moving large amounts of BTC to exchanges.

Investment firm CoinShares noted in a Monday report that some investors might view the selling pressure as a buying opportunity. Despite the inflows, volumes in Exchange Traded Products (ETPs) remained relatively low at $7.9 billion for the previous week. This trend reflects typical lower summer volumes. Traders expect July to be bullish for the crypto market, with a historical medium return of 9%.

Why It Matters: Nate Geraci, president of The ETF Institute, recently predicted that Ethereum (CRYPTO: ETH) spot ETFs could launch within the next two weeks. This could further fuel interest in major cryptocurrencies.

However, economist Peter Schiff has voiced concerns that “smart money” is selling Bitcoin in the spot market while “dumb money” buys it through ETFs. Traders, on the other hand, think inflows indicate coins are moving from “weak” to “strong” hands.