Bitcoin ETF Investors Bought the Dip
After a July 4 break, U.S. traders saw Bitcoin plummet over 10% to below $54,000 early Friday. Despite the plunge, U.S.-based spot Bitcoin ETFs recorded $143.1 million in net inflows, the highest in two weeks.
Leading the inflows was Fidelity's Wise Origin Bitcoin Fund with $117.4 million. Other ETFs like Bitwise, ARK/21 Shares, and VanEck also saw gains. Conversely, the Grayscale Bitcoin Trust continued to lose assets.
Bitcoin recovered modestly to $56,800 but remains 6% down from last week and 23% below its all-time high in March. The decline is linked to the return of 140,000 bitcoins from Mt. Gox and the potential sale of bitcoins by the German government.
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