The recovery mentioned aligns with Bitcoin’s price dip below $54,000 on the 4th of July.
Fidelity’s Bitcoin ETF FBTC experienced a significant influx of $117 million.
Following the July 4th holiday, there has been a notable surge in inflows into spot Bitcoin ETFs, reversing the previous outflows observed earlier in the week. This resurgence coincides with Bitcoin’s price decrease below $54,000 on Independence Day.
Despite market panic selling, recent inflows into spot Bitcoin ETFs indicate that major investors and institutions have been taking advantage of the price drops to accumulate more assets. While the Grayscale Bitcoin ETF GBTC saw outflows of $28 million, other ETFs managed to offset this by attracting substantial inflows.
Opportunity to Seize the Market Dip
Leading the way in total inflows on Friday was the Fidelity Bitcoin ETF FBTC, with an impressive $117 million influx. Following closely was the Bitwise Bitcoin ETF BITB, which attracted $30 million in inflows. Hunter Horsley, the CEO of Bitwise Asset Management, mentioned that his team successfully acquired Bitcoins at a cost of less than half a basis point.
In the first week of July, BITB witnessed inflows surpassing $66 million, boosting its total Bitcoin holdings to over 38,000. Horsley also highlighted a positive outlook for Bitcoin, suggesting that the current market dip presents an excellent buying opportunity for both new and existing investors. He emphasized that the Bitcoin market’s prospects have never been more promising, noting that this week provides an optimal chance to “buy the dip.”
Noted Bitcoin critic Peter Schiff commented on the steadfastness of Bitcoin ETF investors amid the current market conditions. Despite the ongoing turbulence, Schiff observed that these investors appear resolute in their positions, with trading activity indicating that BTC ETF buyers are holding onto their assets without showing signs of panic.
Highlighted Crypto News Today:
– DOGE and SHIB witness double-digit gains amidst a market uptrend.