Bitcoin ETFs in the US experience $143.1m surge in inflows as investors capitalize on market dip
Spot Bitcoin ETFs, known as exchange-traded funds, encountered a surge in investments on July 6 following a significant drop in Bitcoin prices, dipping below $55,000 over the U.S. July Fourth holiday period.
Data from the latest reports indicates a total inflow of $143.1 million into these investment instruments. Among them, the Fidelity Bitcoin ETF (FBTC) emerged as a frontrunner, attracting $117 million. Additionally, the Bitwise Bitcoin ETF (BITB) saw inflows of $30.2 million, contributing to its growth in holdings, now exceeding 38,000 Bitcoins.
Other ETFs such as ARKB and HODL also witnessed notable contributions, with $11.3 million and $12.8 million inflows, respectively. However, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, deviating from the overall positive market trend.
Hunter Horsley, CEO of Bitwise Asset Management, shared insights on strategic Bitcoin acquisitions at exceptionally low costs, emphasizing their operational efficiency.
Horsley expressed optimism about Bitcoin’s future, viewing the recent price decline as an advantageous opportunity for investors to enter the market. He stated, “The outlook for Bitcoin has never been stronger. For many who don’t yet have exposure, this week is a chance to buy the dip.”
Despite market fluctuations, BITB saw inflows exceeding $66 million during the first week of July, indicating sustained investor confidence in Bitcoin’s long-term value.
The recent drop in Bitcoin’s price, falling below $55,000 on July 5, is linked to developments involving the defunct exchange Mt. Gox. Mt. Gox transferred over 47,000 BTC, valued around $2.6 billion, to a new wallet in preparation for a substantial $9 billion payout.
As of the current moment, Bitcoin is priced at $56,826, a level last observed in February during the cryptocurrency’s surge to a new all-time high.
