ETFs
Bitcoin ETFs See $143.1 Million Inflow as Bitcoin Price Falls
Bitcoin exchange-traded funds (ETFs) saw a substantial inflow of $143.1 million on July 6, 2024, signaling a rebound in investor confidence following a decline in Bitcoin prices.
The surge in investment is part of a broader market rally, with traders taking advantage of lower prices following the US Independence Day celebrations.
Bitcoin ETF Flows (in millions of US dollars) – 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
The Fidelity Bitcoin ETF (FBTC) emerged as the frontrunner, attracting $117 million of the total inflows. Closely followed by the Bitwise Bitcoin ETF (BITB), which attracted $30.2 million, marking a crucial growth phase as its total holdings climbed to over 38,000 bitcoins.
~$30,000,000 in entries in $BITB Today.
Bitwise’s PM team effectively bought Bitcoin at less than half a basis point of cost.
Cumulatively this week $BITB recorded inflows of over $66,000,000 and now holds over 38,000 Bitcoins for investors.
The outlook for Bitcoin has never been better…
— Hunter Horsley (@HHorsley) July 5, 2024
Contributions to other ETFs such as ARKB and HODL were also notable, with inflows of $11.3 million and $12.8 million respectively. On the contrary, the Grayscale Bitcoin Trust (GBTC) suffered a setback with a net outflow of $28.6 million, reflecting divergent investor behaviors in the current market conditions.
Hunter Horsley, CEO of Bitwise Asset Management, highlighted the strategic efficiency of his team, which acquired Bitcoin at less than half a basis point of cost. Bitwise’s operations are growing thanks to its market expertise and low-cost investment strategies. Horsley remains bullish on Bitcoin and believes that with the current low prices, new investors have a great opportunity.
Read also : Peter Brandt Sees ‘Footshot’ Buy Signal for Bitcoin Amid Volatility