While Bitcoin experienced its worst performance in recent weeks, altcoins officially journeyed towards magma. Germany's $BTC selling, #Bitcoin #ETF outflows and #Ethereum✅ ETF postponement caused the market to collapse. However, after the declines, we can say that prices started to recover again this morning.
Despite panic selling in the market, recent inflows into spot Bitcoin ETFs suggest that strong hands and big players are accumulating the dips. Although Grayscale Bitcoin ETF GBTC recorded outflows of $28 million, others compensated by recording strong inflows.
Fidelity Bitcoin ETF FBTC led total inflows on Friday, seeing inflows of $117 million. Bitwise Bitcoin ETF BITB came in second with an inflow of $30 million. Hunter Horsley, CEO of Bitwise Asset Management, stated that his team at Bitwise managed to efficiently acquire Bitcoins at a cost of less than half a basis point.
In the first week of July, BITB recorded inflows in excess of $66 million, bringing its total Bitcoin holdings to over 38,000. Horsley also highlighted the strong outlook for Bitcoin, stating that the current market decline provides a strong buying opportunity for new and existing investors. "The outlook for Bitcoin has never been stronger. For many who are not yet exposed, this week is a chance to buy the dip," he noted.
Famous Bitcoin critic Peter Schiff has commented on the current state of Bitcoin ETF investors, suggesting that these investors remain firm in their positions despite ongoing market turbulence. Schiff noted that trading activity shows that BTC ETF buyers are still holding onto their assets and are not showing signs of panic yet.
"There are no signs of panic so far. There will likely be a much larger drop in Bitcoin before we finally capitulate," Schiff commented.
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