There was significant activity in spot Bitcoin ETFs in the session following US Independence Day.
According to Farside data on July 5, the largest net inflows into spot Bitcoin ETFs in the last month occurred, with a total investment of $143.1 million on the last day alone.
Fidelity Bitcoin ETF (FBTC) was the fund that stood out with an impressive $117 million inflow. Bitwise Bitcoin ETF (BITB) showed a significant performance with a net inflow of $ 30.2 million. ARKB and HODL ETFs recorded inflows of $11.3 million and $12.8 million, respectively. On the other hand, Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, indicating that it is moving in the opposite direction to other spot Bitcoin ETFs.
Despite market volatility, large inflows into these ETFs make it clear that institutional investors and large-scale retail investors are scooping up Bitcoin at low prices. Hunter Horsley, CEO of Bitwise Asset Management, stated in a statement that his team was very effective in purchasing Bitcoin and that they achieved this at a cost of less than half a basis point.
Horsley also emphasized that current market conditions present a significant buying opportunity for both new and existing investors.
“Bitcoin's outlook has never been stronger. "This week may be an opportunity to buy the dip," he said.
In the first week of July, BITB experienced massive growth, increasing its total Bitcoin holdings to over 38,000 with inflows exceeding $66 million. This growth shows that despite short-term fluctuations, there is still confidence in Bitcoin's long-term potential.
Famous Bitcoin critic Peter Schiff stated that Bitcoin ETF investors are resilient and hold on to their assets despite the recent fluctuations in the market. Schiff predicted that a massive sell-off and subsequent investors giving up was likely.
Finally, Bitcoin, the collapsed crypto exchange Mt. In Gox's first major transaction since May, it dropped to $55,200 on Coinbase after 47,229 Bitcoins worth $2.71 billion were transferred to a new wallet address.
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