Spot Bitcoin ETFs saw a notable surge in inflows on July 6, following the recent U.S. Independence Day, which coincided with Bitcoin’s price dipping below $54,000.
According to data from Farside, this marked their largest net inflow in a month, totaling a substantial $143.1 million flowing into these financial products.
Strong investor interest was evident, with the Fidelity Bitcoin ETF (FBTC) leading the pack with an impressive $117 million in inflows, showcasing robust investor confidence in the fund. Following closely, the Bitwise Bitcoin ETF (BITB) recorded a net inflow of $30.2 million. Meanwhile, the ARKB and HODL ETFs also saw significant inflows of $11.3 million and $12.8 million, respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, marking a clear divergence from the positive trend observed in other spot Bitcoin ETFs.
Despite recent market turbulence, the substantial inflows into these ETFs indicate that institutional investors and large-scale buyers are capitalizing on the price dip to accumulate Bitcoin at lower levels.
Bitwise Asset Management CEO Hunter Horsley emphasized their effective acquisition of Bitcoin at minimal costs, less than half a basis point, underscoring the favorable conditions for Bitcoin accumulation. He expressed optimism about Bitcoin’s future prospects, characterizing the current market environment as an opportune moment for both new and existing investors. “The outlook for Bitcoin has never been stronger. This week presents a chance to buy the dip for many who are not yet exposed,” Horsley remarked.
During the first week of July, BITB reported inflows exceeding $66 million, expanding its total Bitcoin holdings to over 38,000 BTC. This growth reflects sustained confidence in Bitcoin’s long-term potential despite short-term market volatility.
In other perspectives, renowned Bitcoin critic Peter Schiff noted the resilience of Bitcoin ETF investors amidst recent market fluctuations. Schiff observed that these investors have remained steadfast in holding their assets, showing no signs of panic. “There’s no panic evident so far. It will likely take a substantial Bitcoin drop before they reconsider,” Schiff commented, hinting at a potential future sell-off leading to capitulation among Bitcoin holders.
On the market front, Bitcoin (BTC) saw a decline to $55,200 on Coinbase following news that the collapsed Japanese crypto exchange Mt. Gox had transferred 47,229 BTC—worth $2.71 billion at current prices—to a new wallet address, marking its first major transaction since May.
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