The Bitcoin price correction provided a strong opportunity for ETF investors to buy the dip.
United States-based Spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows on July 6, following Bitcoin’s price dropping below $54,000 just days earlier on July 4.
According to Farside Investors, the spot Bitcoin
$62,934
ETFs saw their largest net inflows in a month, with $143.1 million flowing in.
Strong inflows follow Bitcoin’s price dip
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 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.
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.
Prime opportunity to buy Bitcoin
Hunter Horsley, CEO of Bitwise Asset Management, highlighted 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.
Renowned Bitcoin critic Peter Schiff also offered 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 transferred 47,229 Bitcoin, worth around $2.71 billion at current prices to a new wallet address in its first major transaction since May.
Source:- COINTELEGRAPH
