Bitcoin
US Spot Bitcoin ETF Inflows Surge $143.1 Million, Investors Buy Dip
Spot Bitcoin ETFs, or exchange-traded funds, saw their largest inflows on July 6, following a substantial drop in Bitcoin’s price below $55,000 during the July 4 holiday in the US.
The latest data shows an inflow of $143.1 million into these investment vehicles.
The Fidelity Bitcoin ETF (FBTC) is leading the charge, attracting $117 million. Close behind, the Bitwise Bitcoin ETF (BITB) saw $30.2 million in inflows, contributing to its impressive growth in holdings, now with over 38,000 Bitcoins.
Bitcoin ETF Flow (US$ 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
The ARKB and HODL ETFs also reported significant contributions, receiving $11.3 million and $12.8 million, respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) saw a net outflow of $28.6 million, diverging from the overall positive trend seen in the market.
Hunter Horsley, CEO of Bitwise Asset Management, shared insights into X regarding his team’s strategic Bitcoin acquisitions at exceptionally low costs of less than half a basis point, highlighting its operational efficiency.
~$30,000,000 in entries $BITB today.
Bitwise’s PM team efficiently purchased Bitcoin for less than half of 1 basis point of the cost.
Cumulatively this week $BITB has had over $66,000,000 in inflows and now holds over 38,000 Bitcoins for investors.
The outlook for Bitcoin has never been more…
— Hunter Horsley (@HHorsley) July 5, 2024
Horsley expressed an optimistic outlook on Bitcoinframing the recent price drop as an advantageous entry point for investors.
“The outlook for Bitcoin has never been stronger. For many who don’t already have exposure, this week is a chance to buy the dip,” he commented.
Despite short-term market volatility, the first week of July saw BITB inflows surpass $66 million. This upward trend in investor engagement reflects continued faith in Bitcoin’s long-term value.
However, the recent decline in Bitcoin Price Drops Below $55,000 on July 5, is directly related to developments involving the now-defunct Mt. Gox exchange. Over 47,000 BTC, valued at around $2.6 billion, has been moved to a new wallet as Mt. Gox prepares for a massive $9 billion payout.
At the time of writing, Bitcoin’s price is $56,826, a mark last seen in February when the largest cryptocurrency by market cap was hitting a new all-time high.