The cryptocurrency market has recently experienced a significant recovery in spot Bitcoin ETF inflows. At the beginning of this week, significant outflows were observed in the market and the Bitcoin (BTC) price fell below 54 thousand dollars with a sharp decline. However, recent data shows that institutional investors have seized on the decline, signaling a strong comeback.
Institutional Investors Evaluate the Opportunity
Recent inflows into spot Bitcoin ETFs reveal that major players are taking advantage of the market decline to accumulate BTC. Grayscale's spot Bitcoin ETF (GBTC) experienced an outflow of $28 million, while other ETFs recorded significant inflows, indicating the confidence of institutional investors.
According to the latest data:
Fidelity's spot Bitcoin ETF (FBTC) attracted attention with an inflow of $117 million on July 5.
Bitwise's spot Bitcoin ETF (BITB) followed with an inflow of $30 million.
Hunter Horsley, CEO of Bitwise Asset Management, revealed that his team managed to efficiently purchase BTCs for less than half a basis point. In the first week of July, inflows to BITB exceeded $66 million, bringing total BTC assets to over 38 thousand. Horsley noted Bitcoin's strong outlook and viewed the current market decline as an excellent buying opportunity for both new and existing investors.
Despite market volatility, noted Bitcoin critic Peter Schiff noted that spot Bitcoin ETF investors are showing no signs of panic. According to Schiff, these investors did not panic, remaining steadfast in their positions despite the ongoing fluctuations. Schiff believes a larger decline in BTC price is needed for these investors to capitulate.
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