ETFs
$143 million in cash inflows in the midst of a crisis
7:00 p.m. ▪ 3 min read ▪ by Fenelon L.
The recent correction in Bitcoin’s price has presented an interesting opportunity for ETF investors, who have taken advantage of the opportunity to buy. Bitcoin Spot ETFs saw impressive net inflows of $143.1 million on July 6, marking their largest monthly inflow, according to Farside Monitoring.
Rush to Bitcoin ETFs after price crash
On July 6, Bitcoin spot ETFs saw a record inflow of $143.1 million, marking their largest net inflow in a month. This wave of investment comes after a Bitcoin price drops significantlywhich fell below $54,000 on July 4.
The Fidelity ETF (FBTC) dominated The market saw inflows of $117 million, followed by Bitwise (BITB) with $30.2 million. ARK Invest (ARKB) and ProShares (HODL) also saw significant inflows, of $11.3 million and $12.8 million respectively.
However, the Grayscale Bitcoin Trust (GBTC) saw an opposite trend with a net outflow of $28.6 million, contrasting with the positive momentum of other spot Bitcoin ETFs.
Outlook remains positive, experts say
Hunter Horsley, CEO of Bitwise Asset Management, highlighted his team’s efficiency in acquiring BTC at very competitive costs. He said: “The outlook for Bitcoin has never been better. For many who have not yet been exposed, this week is an opportunity to buy the dip.”
This optimistic vision is supported by the continued growth of the BlackRock Bitcoin Spot ETF‘s holdings, which surpassed 38,000 BTC after inflows of over $66 million in the first week of July.
Even Peter Schiff, a notorious Bitcoin critic, has acknowledged the resilience of Bitcoin ETF investors. He noted, “So far, there is no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate.”
In summary, recent market volatility has created a buying opportunity seized by institutional investors. This trend suggests continued confidence in the Bitcoin’s long-term potential.
Optimize your Cointribune experience with our “Read to Earn” program! Earn points for each article read and access exclusive rewards. Sign up now and start earning benefits.
Click here to join “Read to Earn” and turn your passion for crypto into rewards!
Fenelon L.
Passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptos and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I strongly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.