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Inflows into US spot Bitcoin ETFs surge by $143.1 million, investors buy on decline
Spot Bitcoin ETFs, or exchange-traded funds, saw their highest inflows on July 6, following a substantial drop in the price of Bitcoin, below $55,000, during the Fourth of July holiday in the United States.
The latest data shows an inflow of $143.1 million into these investment vehicles.
Fidelity Bitcoin ETF (FBTC) is leading the charge, attracting $117 million. Close behind is Bitwise Bitcoin ETF (BITB) which has seen $30.2 million in inflows, contributing to its impressive holdings growth, now over 38,000 Bitcoin.
Bitcoin ETF Flow (US$ Millions) – 05-07-2024
TOTAL NET FLOW: 143.1
(Provisional data)IBIT: 0
FBTC: 117.4
BITB: 30.2
ARKB: 11.3
Price: 0
EZBC: 0
BRRRRR: 0
Quotation: 12.8
About: 0
Reference value: -28.6
DEFINITION: 0For all data and disclaimers visit:Italian: https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) July 6, 2024
The ARKB and HODL ETFs also saw significant contributions, receiving $11.3 million and $12.8 million, respectively.
Conversely, Grayscale Bitcoin Trust (GBTC) saw a net outflow of $28.6 million, breaking with the overall positive trend seen in the market.
Hunter Horsley, CEO of Bitwise Asset Management, shared some insights on X into his team’s strategic Bitcoin acquisitions at exceptionally low costs of less than half a basis point, highlighting their operational efficiency.
~$30,000,000 inflows in $BITB Today.
The Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point cost.
Cumulatively this week $BITB has had inflows of over $66,000,000 and now holds over 38,000 Bitcoin for investors.
The outlook for Bitcoin has never been so…
— Hunter Horsley (@HHorsley) July 5, 2024
Horsley expressed a bullish outlook on Bitcoinframing the recent price drop as an advantageous entry point for investors.
“The outlook for Bitcoin has never been stronger. For many who don’t already have exposure, this week is an opportunity to buy the dip,” he commented.
Despite short-term market volatility, the first week of July saw BITB inflows surpass $66 million. This upward trend in investor engagement reflects continued confidence in the long-term value of Bitcoin.
Meanwhile, the recent decline Bitcoin Price Drops Below $55,000 on July 5, is directly related to developments involving the defunct Mt. Gox exchange. Over 47,000 BTC, worth approximately $2.6 billion, were transferred to a new wallet as Mt. Gox prepares for a massive $9 billion payout.
At the time of writing, the price of Bitcoin is $56,826, a level last reached in February, when the cryptocurrency with the largest market cap was reaching a new all-time high.