Bitcoin
Bitcoin ETF Investors Bought the Dip on Friday, With Inflows Surpassing $140 Million
Returning to the screens after the July 4 break, US traders were faced with a historic drop in bitcoin {{BTC}} that saw its price drop more than 10% from pre-holiday levels. Based on the ETF data, they decided to raise the bid.
According to numbers compiled by Farside InvestorsUS spot bitcoin ETFs saw $143.1 million in net inflows on Friday, the highest level of inflows in at least two weeks.
Leading the way was Fidelity’s Wise Origin Bitcoin Fund (FBTC), which received $117.4 million in net new money. Other funds with net inflows were the Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB) and the VanEck Bitcoin Trust (HODL). As usual, the high-fee Grayscale Bitcoin Trust (GBTC) continued to hemorrhage assets.
Bitcoin ETF Flow (US$ million) – 2024-07-05
TOTAL NET FLOW: 143.1
(Provisional data)IBIT: 0
FBTC: 117.4
BITB: 30.2
ARKB: 11.3
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 12.8
Market price: 0
GBTC: -28.6
DEFINITION: 0For full details and disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) July 6, 2024
As for price action, bitcoin has seen a very modest bounce since falling from nearly $61,000 on Wednesday to under $54,000 on Friday, currently trading back at $56,800. That’s 6% below last week’s levels and about 23% off its all-time high above $73,500 set in mid-March.
The blame for this latest price drop has been placed on concerns about a massive increase in supply, as administrators of the now-defunct Mt. Gox exchange the return has begun of 140,000 bitcoins to former customers and the German government apparently moved to sell at least some of the thousands of bitcoins it contains.
Read more: Crypto Crash Pushes Fear and Greed Index to Lowest Level Since Bitcoin Traded at $17K in Early 2023