Spot Bitcoin ETFs saw a surge in investor interest on July 6, following the recent U.S. Independence Day holiday, during which Bitcoin’s price briefly dipped below $54,000.
According to Farside data, this marked the largest net inflow in a month, with a substantial $143.1 million flowing into these financial instruments.
Inflows were particularly strong into the Fidelity Bitcoin ETF (FBTC), which led the pack with an impressive $117 million, underscoring robust investor confidence in this specific fund. Following FBTC, the Bitwise Bitcoin ETF (BITB) saw a net inflow of $30.2 million, while the ARKB and HODL ETFs recorded inflows of $11.3 million and $12.8 million, respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, in stark contrast to the positive trend observed among other spot Bitcoin ETFs.
Despite recent market volatility, the significant inflows into these ETFs suggest that institutional investors and large-scale buyers are seizing the opportunity presented by lower Bitcoin prices to accumulate more of the cryptocurrency.
Bitwise Asset Management CEO Hunter Horsley highlighted his team’s efficiency in acquiring Bitcoin at a cost of less than half a basis point, emphasizing a strong outlook for Bitcoin amidst the current market conditions. Horsley encouraged both new and existing investors to consider the current dip as a prime opportunity to buy Bitcoin, stating, “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.”
During the first week of July, BITB alone attracted inflows exceeding $66 million, bolstering its total Bitcoin holdings to over 38,000. This growth reflects ongoing confidence in Bitcoin’s long-term potential despite short-term market fluctuations.
Noted Bitcoin critic Peter Schiff offered his perspective on the resilience of Bitcoin ETF investors, observing their steadfast commitment to holding their assets despite recent market swings. Schiff commented, “So far, there’s no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate.” He further predicted the possibility of a significant sell-off in the near future, potentially leading to capitulation among Bitcoin holders.
In a separate development, Bitcoin fell to $55,200 on Coinbase after Mt. Gox, the collapsed Japanese crypto exchange, transferred 47,229 Bitcoin—worth $2.71 billion at current prices—to a new wallet address, marking its first major transaction since May.
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