ETFs
Bitcoin Spot ETFs See $143 Million Inflows Friday, Are Institutions Buying the Dips?
Bitcoin ETFs rebounded sharply after the July 4 holiday, marking a sharp reversal from the outflows seen earlier this week. This comes as Bitcoin Price fell to below $54,000 on U.S. Independence Day.
Bitcoin ETFs Buy the Dips
Recent influxes in spot Bitcoin ETFs Despite the panic selling in the market, the declines were accumulated by strong hands and big players. Although the Grayscale GBTC Bitcoin ETF saw $28 million in outflows, others made up for it by recording strong inflows.
The Fidelity FBTC Bitcoin ETF saw $117 million in inflows, putting it at the top of overall inflows on Friday. The Bitwise BITB Bitcoin ETF came in second with $30 million in inflows. Bitwise Asset Management CEO Hunter Horsley said his team at Bitwise has been able to efficiently acquire Bitcoin at a cost of less than half a basis point.
In the first week of July, BITB saw inflows exceeding $66 million, bringing its total Bitcoin holdings to over $38,000. Horsley also highlighted the positive outlook for Bitcoin, saying that the current market dip presents a strong 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,” he noted.
~$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 saw inflows of over $66 million and now holds over 38,000 Bitcoins for investors.
The outlook for Bitcoin has never been better…
— Hunter Horsley (@HHorsley) July 5, 2024
Read also : Bitcoin Spot ETFs Lose $35 Million as Capital Exodus Continues
Peter Schiff Predicts ETF Holders’ Capitulation
Noted Bitcoin critic Peter Schiff weighed in on the pros and cons of the current state of Investors in Bitcoin ETFssuggesting that despite the current market turbulence, these investors are remaining firm in their positions. Schiff noted that trading activity indicates that BTC ETF buyers are still holding on to their assets, showing no signs of panic at this time.
“So far, there are no signs of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff commented.
He also predicted that this capitulation could happen soon, perhaps as early as next week, especially if another selloff takes place over the weekend. Schiff’s remarks underscore his continued skepticism about the stability and resilience of Bitcoin and its investors in the face of market fluctuations.
Read also : Bitcoin Spot ETFs See $20 Million Outflow As BTC Declines, What’s Next?