Bitcoin ETF

Bitcoin

Spot

Grayscale Bitcoin Trust

United States-based Spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows on July 6, following Bitcoin’s&nbsp;price dropping below $54,000 just days earlier on July 4.
<a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">According</a> to Farside Investors, the spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;ETFs saw their largest net inflows in a month, with $143.1 million flowing in.
<h3 data-ct-non-breakable="true" id="strong-inflows-follow-bitcoin-s-price-dip">Strong inflows follow Bitcoin’s price dip</h3>
The Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows with $117 million, the Bitwise Bitcoin ETF (BITB) recorded a net inflow of $30.2 million, and the ARK 21Shares Bitcoin ETF (ARKB) and&nbsp;VanEck Bitcoin Trust (HODL) ETFs saw inflows of $11.3 million and $12.8 million, respectively. 
The Grayscale Bitcoin Trust (GBTC) saw a net outflow of $28.6 million.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/88c3a0f3-095d-4205-9dd7-ed02e4935797.png" alt="" title="">
 <figcaption style="text-align: center;">
 Spot Bitcoin ETFs&nbsp;bounced back strongly. Source: Farside Investors
 </figcaption>
</figure>
Despite the recent market turbulence, the substantial inflows into the ETFs suggest institutional investors and large-scale buyers are taking advantage of the Bitcoin price dip to accumulate BTC at lower prices.
<h3 data-ct-non-breakable="true" id="prime-opportunity-to-buy-bitcoin">Prime opportunity to buy Bitcoin</h3>
Hunter Horsley, CEO of Bitwise Asset Management,&nbsp;<a href="https://x.com/HHorsley/status/1809350708384391504" target="_blank" rel="noopener nofollow">highlighted</a>&nbsp;his team’s efficiency in acquiring Bitcoin at a cost of less than half a basis point.
Horsley also highlighted a strong outlook for Bitcoin, suggesting that the current market conditions present a valuable buying opportunity for both new and existing investors. “The outlook for Bitcoin has never been stronger. For many who don’t yet have exposure, this week is a chance to buy the dip,” he stated.
During the first week of July, BITB registered inflows exceeding $66 million, increasing its total Bitcoin holdings to over 38,000 BTC.
Related:&nbsp;<a href="https://cointelegraph.com/search?query=Bitcoin%2520price#:~:text=Bitcoin%20Ichimoku%20cloud%20reassures%20as%20BTC%20price%20bounces%20from%204%2Dmonth%20low">Bitcoin Ichimoku cloud reassures as BTC price bounces from 4-month low</a>
Renowned Bitcoin critic Peter Schiff also <a href="https://x.com/PeterSchiff/status/1809329677191782871" target="_blank" rel="noopener nofollow">offered</a> his perspective on the resilience of Bitcoin ETF investors. Despite recent market fluctuations, Schiff observed that these investors remain committed to holding their assets, showing no signs of panic. “So far, there’s no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff commented. 
He further predicted that a significant sell-off could occur soon, potentially leading to a capitulation among Bitcoin holders.
Bitcoin fell to $55,200 on Coinbase after the collapsed Japanese crypto exchange Mt. Gox <a href="https://cointelegraph.com/news/mt-gox-moves-billions-bitcoin-unknown-wallet-address"></a><a href="https://cointelegraph.com/news/mt-gox-moves-billions-bitcoin-unknown-wallet-address">transferred 47,229 Bitcoin</a>,&nbsp;worth around $2.71 billion at current prices to a new wallet address in its first major transaction since May.
Magazine: <a href="https://cointelegraph.com/magazine/financial-crisis-end-crypto-bull-run/">Could a financial crisis end crypto’s bull run?</a>

Spot Bitcoin ETFs see record inflows after July 4 dip

Table of Contents

Cointelegraph

Other articles published on Jul 6, 2024

More losses incoming for BNB’s price? Maybe not, only if…

Ripple (XRP) Holders Need to Do More Than Just Hope for Price Recovery

Tron network defies odds amid persistent market downturn

MoonBag Top Crypto Presale in 2024 Offers Lucrative 88% APY Staking And Impressive Returns, Outpa...

Start Sending Tokens in Bulk with Ease

From Bitcoin-Backed Bonds to Video Games: El Salvador Strengthens its Digital Economy

Join our free newsletter for daily crypto updates!