ETFs
Bitcoin Spot ETFs Record $143 Million in Inflows, Highest in a Month
Bitcoin Spot ETFs Record $143 Million in Inflows, Highest in a Month
Farside Investors Data revealed this american place Bitcoin ETFs saw their highest net inflows in a month, with $143.1 million on July 5. The inflow came after Bitcoin’s price fell below $54,000, indicating that investors saw the price drop as a prime buying opportunity.
Despite recent market volatility, the large flows into these ETFs suggest that institutional investors and large-scale buyers are capitalizing on the decline in Bitcoin price to accumulate more BTC at discounted prices.
Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack with $117 million. Bitwise Bitcoin ETF (BITB) followed with net inflows of $30.2 million. Additionally, ARK 21Shares Bitcoin ETF (ARKB) and VanEck Bitcoin Trust (HODL) saw inflows of $11.3 million and $12.8 million, respectively. Conversely, Grayscale Bitcoin Trust (GBTC) saw a net outflow of $28.6 million.
Hunter Horsley, CEO of Bitwise Asset Management, highlighted his team’s efficiency in acquiring Bitcoin at a cost of less than half a basis point. He also noted the positive outlook for Bitcoin, describing current market conditions as a favorable buying opportunity for new and existing investors. “The outlook for Bitcoin has never been better. For many who don’t have exposure yet, this week is an opportunity to buy the dip,” Horsley said. In the first week of July, the Bitwise Bitcoin ETF (BITB) saw inflows exceeding $66 million, increasing its total Bitcoin holdings to over 38,000 BTC.
The recent drop in Bitcoin’s price to a five-month low of $53,905 was driven by several factors, including the German government’s liquidations of BTC and the return of Bitcoin by the bankrupt crypto exchange Mt. Gox. The exchange transferred 47,229 Bitcoin, worth about $2.71 billion at current prices, to a new wallet address in its first significant transaction since May.