Inflows to US Spot Bitcoin ETFs Surge to $143.1 Million as Investors Buy the Dip

Inflows to US Spot Bitcoin ETFs Surge to $143.1 Million as Investors Buy the Dip

Spot Bitcoin ETFs (exchange-traded funds) saw their highest inflows on July 6 following a significant drop in Bitcoin’s price, which fell below $55,000 during the U.S. July Fourth holiday. The latest data reveals a substantial influx of $143.1 million into these investment vehicles.

Leading ETFs and Market Dynamics

The Fidelity Bitcoin ETF (FBTC) led the surge, attracting $117 million. Close behind, the Bitwise Bitcoin ETF (BITB) saw $30.2 million in inflows, contributing to its impressive growth in holdings, now exceeding 38,000 Bitcoins. Additionally, the ETFs ARKB and HODL reported significant contributions, receiving $11.3 million and $12.8 million, respectively.

In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, diverging from the overall positive trend observed in the market.

Strategic Acquisitions and Bullish Outlook

Hunter Horsley, CEO of Bitwise Asset Management, shared insights on X regarding his team’s strategic acquisitions of Bitcoin at exceptionally low costs of less than half a basis point, underlining their operational efficiency. Horsley expressed a bullish outlook on Bitcoin, framing the recent price dip as an advantageous entry point for investors.

“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 commented.

Investor Engagement and Market Reaction

Despite the market’s short-term volatility, the first week of July saw BITB’s inflows surpass $66 million. This uptrend in investor engagement reflects ongoing faith in Bitcoin’s long-term value. The recent drop in Bitcoin’s price, falling below $55,000 on July 5, is directly related to developments involving the defunct exchange Mt. Gox. Over 47,000 BTC, valued at around $2.6 billion, were moved to a new wallet as Mt. Gox prepares for a massive $9 billion payout.

Current Bitcoin Price and Market Sentiment

At the time of writing, Bitcoin is trading at $56,826, a level last seen in February when the largest cryptocurrency by market capitalization was surging to a new all-time high. Despite the current fluctuations, investor confidence remains strong, as evidenced by the significant inflows into spot Bitcoin ETFs.

Powered by Crypto Expert BD

Follow us on Twitter:

Join our Telegram channel:


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *