Bitcoin investors have sent over $650 million into United States-listed spot Bitcoin exchange-traded funds (ETFs) over the last three trading days.

It comes after another strong day of net inflows for the 11 Bitcoin ( BTC ) ETFs on July 9. BlackRock’s Bitcoin ETF , known as the iShares Bitcoin Trust (IBIT), pulled in $121 million in inflows, followed by Fidelity Wise Origin Bitcoin (FBTC), which raked in $91 million.

Total net inflows across all ETFs for July 9 came to $216.4 million, or 3,760 Bitcoin, per data from Farside Investors.

ETFs bought 3,760 #Bitcoin ($216.4m) on July 9

Highlights:

IBIT +2,100 BTC
FBTC +1580 BTC
ARKB +750 BTC
GBTC -650 BTC pic.twitter.com/z5hLWXQorI

— Thomas | heyapollo.com (@thomas_fahrer) July 10, 2024

The burst of inflows, which includes $294.8 million on Monday , July 8, and $143.1 million on Friday, July 5, totals $654 million over the past three trading days.

Bitcoin has failed to climb back over $60,000 since July 4. It is currently trading for $59,165, according to TradingView, down almost 15% over the past month.

Some analysts hope the ETFs will help drive up the price of Bitcoin, as it did in the months leading up to March, when Bitcoin notched a new all-time high.

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

Not enough to offset Germany’s BTC dump

Inflows to US Bitcoin ETFs haven’t been enough to outpace a recent bitcoin selling spree from Germany’s Bundeskriminalamt (BKA), the country’s federal criminal police, which seized nearly 50,000 Bitcoin in mid-January amid a probe into a movie pirating website.

Related: Australia’s main stock exchange to get second spot Bitcoin ETF

Since July 5, the BKA’s wallet has reduced its BTC holdings by more than $850 million, with hundreds of millions in Bitcoin sent back and forth (mostly forth) to wallets owned by centralized exchanges and market makers, according to Arkham Intelligence.

Its wallet now holds 23,960 Bitcoin, worth $1.4 billion, less than half of the total Bitcoin originally seized from the film piracy site Movie2k in mid-January.

Source: Uncle Rockstar Developer

Onchain data from Arkham shows that the BKA began selling Bitcoin on June 19 and ramped up its efforts at the beginning of July.

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