Spot Bitcoin ETFs saw a surge in investor interest on July 6, following the recent U.S. Independence Day holiday, during which Bitcoin’s price dipped below $54,000.
According to data from Farside, this marks the largest net inflow in a month, totaling $143.1 million into these financial instruments.
Strong Inflows
The Fidelity Bitcoin ETF (FBTC) led with a significant $117 million influx, underscoring robust investor confidence. Following FBTC, the Bitwise Bitcoin ETF (BITB) recorded a net inflow of $30.2 million, while the ARKB and HODL ETFs attracted $11.3 million and $12.8 million respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) experienced an outflow of $28.6 million, standing in stark contrast to the positive trend seen in other spot Bitcoin ETFs.
Spot Bitcoin ETFs rebounded strongly. Source: Farside Investors
Despite recent market turbulence, the substantial inflows into these ETFs indicate that institutional investors and large-scale buyers are leveraging price dips to accumulate Bitcoin.
Optimal Buying Opportunity
Hunter Horsley, CEO of Bitwise Asset Management, highlighted his team’s efficiency in acquiring Bitcoin at a cost of less than half a basis point on a social platform post.
Horsley also emphasized Bitcoin’s promising outlook, suggesting that current market conditions offer a prime buying opportunity for both new and existing investors. “The outlook for Bitcoin has never been stronger. For those who haven’t yet invested, this week presents a chance to buy on the dip,” he remarked.
During the first week of July, BITB attracted inflows exceeding $66 million, boosting its total Bitcoin holdings to over 38,000. This growth underscores continued confidence in Bitcoin’s long-term potential despite short-term volatility.
Related Developments:
Bitcoin’s price bounced back from a four-month low, supported by the Ichimoku cloud.
Renowned Bitcoin critic Peter Schiff offered his perspective on ETF investors’ resilience. Despite recent market swings, Schiff noted that these investors remain steadfast in holding their assets, showing no signs of panic. “There’s no indication of panic so far. It will likely take a substantial Bitcoin drop before they consider selling,” Schiff commented, predicting a potential significant sell-off and subsequent capitulation among Bitcoin holders.
Bitcoin (BTC) dropped to $55,200 on Coinbase after Mt. Gox, the collapsed Japanese crypto exchange, transferred 47,229 Bitcoin—worth $2.71 billion at current prices—to a new wallet address, marking its first major transaction since May.
Magazine: Could a financial crisis halt the crypto bull run?