Bitcoin ETF

Spot

Grayscale Bitcoin Trust

Spot Bitcoin ETFs, or exchange-traded funds, experienced their highest inflows on July 6 following a substantial price drop in Bitcoin, below $55,000, during the U.S. July Fourth holiday.
The latest data shows an influx of $143.1 million into these investment vehicles.&nbsp;
Fidelity Bitcoin ETF (FBTC) is leading the charge, attracting $117 million. Close behind, the Bitwise Bitcoin ETF (BITB) saw $30.2 million in inflows, contributing to its impressive growth in holdings, now over 38,000 Bitcoins.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Bitcoin ETF Flow (US$ million) – 2024-07-05 TOTAL NET FLOW: 143.1 (Provisional data) IBIT: 0 FBTC: 117.4 BITB: 30.2 ARKB: 11.3 BTCO: 0 EZBC: 0 BRRR: 0 HODL: 12.8 BTCW: 0 GBTC: -28.6 DEFI: 0 For all the data &amp; disclaimers visit:<a href="https://t.co/4ISlrCgZdk" target="_blank" rel="noopener noreferrer nofollow">https://t.co/4ISlrCgZdk</a>— Farside Investors (@FarsideUK) <a href="https://twitter.com/FarsideUK/status/1809433132812173625?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 6, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
The ETFs ARKB and HODL also reported significant contributions, receiving $11.3 million and $12.8 million, respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, diverging from the overall positive trend observed in the market.
Hunter Horsley, CEO of Bitwise Asset Management, shared insights on X regarding his team’s strategic acquisitions of Bitcoin at exceptionally low costs of less than half a basis point, underlining their operational efficiency.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 ~$30,000,000 inflows into <a href="https://twitter.com/search?q=%24BITB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BITB</a> today. Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point of cost. Cumulatively this week <a href="https://twitter.com/search?q=%24BITB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BITB</a> had &gt;$66,000,000 of inflows, and now holds over 38,000 Bitcoin for investors. The outlook for Bitcoin has never been…— Hunter Horsley (@HHorsley) <a href="https://twitter.com/HHorsley/status/1809350708384391504?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 5, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Horsley expressed a bullish outlook on <a href="https://crypto.news/tag/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a>, framing the recent price dip as an advantageous entry point for 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 commented.
You might also like: <a href="https://crypto.news/bitcoin-etfs-end-5-day-inflow-streak-record-13-million-net-outflows/" rel="noopener noreferrer nofollow"> Bitcoin ETFs end 5-day inflow streak, record $13 million net outflows </a>
Despite the market’s short-term volatility, the first week of July saw BITB’s inflows surpass $66 million. This uptrend in investor engagement reflects ongoing faith in Bitcoin’s long-term value.
Meanwhile, the recent drop in<a href="https://crypto.news/bitcoin-price-plunges-below-55k-as-mt-gox-announces-repayments/" rel="noopener noreferrer nofollow"> Bitcoin’s price, falling below $55,000 </a>on July 5, relates directly to developments involving the defunct exchange Mt. Gox. Over 47,000 BTC, valued at around $2.6 billion, were moved 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 mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
Read more: <a href="https://crypto.news/blackrock-reveals-large-bitcoin-etf-stake-with-43000-shares/" rel="noopener noreferrer nofollow"> Blackrock reveals large Bitcoin ETF stake with 43,000 shares </a>

Inflows to US spot Bitcoin ETFs spike $143.1m, investors buy dip

crypto.news

Other articles published on Jul 6, 2024

US Congress Aims to Repeal Biden’s Veto on SEC Digital Asset Regulation

dogwifhat (WIF) Price Prediction After 25% Price Rally: What Next

Yearly Crypto Remittances to Venezuela Surges Over $460 Million

Market Dip to Drive Bitcoin to $88k: Altcoins with 3-50X Return Potential

Ripple CLO Slams US Over Poor Crypto Regulation – Details

Top Trending Cryptos on Solana Chain Today – PURPLE PEPE, ZynCoin, Felix the lazer cat

Join our free newsletter for daily crypto updates!