Spot Bitcoin ETFs will see inflows after July 4th.
Spot Bitcoin (BTC) ETFs experienced a surge in outflows on July 6, following the recent US Independence Day, during which the price of Bitcoin (BTC) fell below $54,000.
According to Farside Tracking, this is their largest net income in a single month, with an impressive $143.1 million going into these financial products.
Strong penetration
The Fidelity Bitcoin ETF (FBTC) led the flow with an impressive $117 million, highlighting investors' confidence in the fund. Following FBTC, Bitwise Bitcoin ETF (BITB) recorded net income of $30.2 million, while ARKB and HODL ETFs brought in $11.3 million and $12.8 million, respectively.
In contrast, the Greyscale Bitcoin Trust (GBTC) experienced net inflows of $28.6 million, sharply contrasting the positive trend in Bitcoin ETFs elsewhere.
Despite the recent market turmoil, high-income institutional investors and large buyers entering these ETFs suggest that they are taking advantage of the dip to accumulate bitcoin at lower prices.
A prime opportunity to buy Bitcoin
Hunter Horsley, CEO of Bitwise Asset Management, said in a post on the X social platform that his team was able to do so at less than half the cost of mining bitcoin.
Horsley emphasized his 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 an opportunity to buy the dip,” he said.
In the first week of July, BITB recorded an inflow of over $66 million, raising its total Bitcoin holdings to over 38,000. Despite the short-term volatility, this growth shows continued confidence in Bitcoin's long-term potential.
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Prominent Bitcoin critic Peter Schiff also offered his views on the resilience of Bitcoin ETF investors. Despite recent market volatility, Schiff observed that these investors are determined to hold onto their assets without showing any signs of panic. “There is no sign of panic yet. It could take a very big drop in bitcoin before they finally catch up, Schiff opined.
He also predicted that a significant sell-off could occur soon, which could lead to capitulation among Bitcoin holders.
Bitcoin (BTC) has fallen on Japanese crypto exchange Mt. Gox dropped $55,200 on Coinbase after transferring 47,229 Bitcoins—worth $2.71 billion at current prices—to a new wallet address in its first major transaction since May.
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