ETFs
Capital flows into US spot Bitcoin ETFs surge by $143.1 million as investors buy less
Bitcoin Spot ETFs, or exchange-traded funds, saw their largest inflows on July 6 after the price of Bitcoin fell substantially below $55,000 during the July 4 holiday in the United States.
The latest data shows an inflow of $143.1 million into these investment vehicles.
The Fidelity Bitcoin ETF (FBTC) led the charge, attracting $117 million. Close behind, the Bitwise Bitcoin ETF (BITB) saw $30.2 million in inflows, contributing to the impressive growth in its holdings, which now exceed 38,000 bitcoins.
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 ARKB and HODL ETFs also reported significant contributions, receiving $11.3 million and $12.8 million, respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) saw a net outflow of $28.6 million, deviating from the overall positive trend seen in the market.
Hunter Horsley, CEO of Bitwise Asset Management, shared his thoughts on X regarding his team’s strategic Bitcoin acquisitions at exceptionally low costs of less than half a basis point, highlighting their operational efficiency.
~$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
Horsley expressed an optimistic outlook on Bitcoinconsidering the recent price drop as an advantageous entry point for 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 commented.
Despite short-term market volatility, BITB inflows surpassed $66 million in the first week of July. This upward trend in investor engagement reflects continued confidence in Bitcoin’s long-term value.
Meanwhile, the recent drop in Bitcoin price falls below $55,000 On July 5, it is directly related to developments involving the defunct exchange Mt. Gox. Over 47,000 BTC, valued at around $2.6 billion, were transferred to a new wallet as Mt. Gox prepares for a massive $9 billion payout.
At the time of writing, the price of Bitcoin is $56,826, a level last seen in February, when the largest cryptocurrency by market capitalization hit a new all-time high.