ETFs
Bitcoin ETF investors bought the dip on Friday, with inflows topping $140 million
Back on their screens after the July 4th break, US traders were faced with a historic drop in bitcoin {{BTC}} that saw its price drop by more than 10% from its pre-holiday level. Based on ETF data, they decided to lift the offer.
According to figures compiled by Farside InvestorsU.S.-based spot Bitcoin ETFs saw $143.1 million in net inflows on Friday, the highest level of inflows in at least two weeks.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the way, taking in $117.4 million in net new money. Other funds with net inflows included the Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB), and the VanEck Bitcoin Trust (HODL). As usual, the high-fee Grayscale Bitcoin Trust (GBTC) continued to bleed assets.
Bitcoin ETF Flows (US$ Millions) – 05/07/2024
TOTAL NET FLOW: 143.1
(Provisional data)EBITDA: 0
FBTC: 117.4
BITB: 30.2
ARKB: 11.3
BTC: 0
EZBC: 0
BRRR: 0
HOLD: 12.8
By the way: 0
GBTC: -28.6
CHALLENGE: 0For all data and disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) July 6, 2024
As for price action, bitcoin has seen a very modest rebound since its drop from nearly $61,000 on Wednesday to below $54,000 on Friday morning, currently trading at $56,800. That’s down 6% from last week’s levels and about 23% from its all-time high above $73,500 set in mid-March.
Responsibility for the latest price drop has been placed on concern over a massive surge in supply as administrators of the defunct Mt. Gox exchange started the return 140,000 bitcoins to former customers and the German government apparently moved to sell at least some of the thousands of bitcoins he holds.