Spot Bitcoin ETFs Saw Month-high Inflows
08 Jul, 2024 ● Crypto News
United States-based spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows on July 6, following Bitcoin’s price drop below $54,000 on July 4.
According to Farside Investors, these ETFs saw their largest net inflows in a month, with $143.1 million invested.
The Fidelity Wise Origin Bitcoin Fund (FBTC) led with $117 million in inflows, while the Bitwise Bitcoin ETF (BITB) recorded $30.2 million.
The ARK 21Shares Bitcoin ETF (ARKB) and VanEck Bitcoin Trust (HODL) ETFs saw inflows of $11.3 million and $12.8 million, respectively.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million.
Despite recent market turbulence, these substantial inflows suggest institutional investors and large-scale buyers are capitalizing on the Bitcoin price dip.
Hunter Horsley, CEO of Bitwise Asset Management, praised his team’s efficiency in acquiring Bitcoin at a cost of less than half a basis point and highlighted the strong outlook for Bitcoin, emphasizing that current conditions present a valuable buying opportunity
“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,” he stated.
During the first week of July, BITB registered inflows exceeding $66 million, increasing its total Bitcoin holdings to over 38,000 BTC.
Noted Bitcoin critic Peter Schiff observed that Bitcoin ETF investors remain committed despite recent fluctuations, showing no signs of panic.
“So far, there’s no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate,” he commented, predicting a potential significant sell-off soon.
Bitcoin fell to $55,200 on Coinbase after the collapsed Japanese crypto exchange Mt. Gox transferred 47,229 Bitcoin, worth around $2.71 billion at current prices, to a new wallet address in its first major transaction since May.
Sources:
https://cointelegraph.com/news/spot-bitcoin-etfs-record-143m-inflows-july-6
