United States-based spot Bitcoin exchange-traded funds (ETFs) saw significant inflows on July 6, notably after Bitcoin’s price decreased to under $54,000 on July 4.
Farside Investors reported that these spot Bitcoin ETFs registered their largest net inflows for the month, attracting $143.1 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) received the most with $117 million, followed by the Bitwise Bitcoin ETF (BITB) which saw $30.2 million.
Additionally, the ARK 21Shares Bitcoin ETF (ARKB) and the VanEck Bitcoin Trust (HODL) ETFs gained $11.3 million and $12.8 million, respectively. However, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million.
Despite the market’s instability, the robust inflows into these ETFs indicate that institutional investors and significant buyers are seizing the opportunity to purchase Bitcoin at reduced prices during the downturn.
Hunter Horsley, CEO of Bitwise Asset Management, emphasized the efficiency of his team in acquiring Bitcoin at less than half a basis point.
He remains optimistic about Bitcoin’s future, presenting the current market conditions as an excellent 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 said.
In the same week, the BITB ETF saw inflows exceeding $66 million, bringing its total Bitcoin holdings to over 38,000 BTC.
Bitcoin critic Peter Schiff also weighed in on the situation.
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Despite the market’s volatility, he noted the resilience of Bitcoin ETF investors who have maintained their holdings without panic.
“So far, there’s no sign of panic.
“It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff stated.
He speculated that a significant sell-off might be imminent, potentially leading to widespread capitulation among Bitcoin holders.
The decline in Bitcoin’s price was partly triggered by the transfer of 47,229 Bitcoin by the defunct Japanese crypto exchange Mt. Gox.
This marked its first significant transaction since May, moving the coins, worth approximately $2.71 billion at that time, to a new wallet address.
Bitcoin’s price briefly fell to $55,200 on Coinbase following the transfer.
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