The price of Bitcoin has fallen sharply over the past two weeks, dropping to $53,600 on July 5. This is the first time Bitcoin has traded below $54,000 since February. The main reasons for the drop were the massive sell-off by the German government and Mt. Gox's $8.5 billion repayment to creditors.


In contrast, U.S. institutions are taking advantage of the drop and have quickly purchased 5,240 Bitcoin ETFs worth about $295 million.


The rise of Bitcoin ETFs


The Bitcoin ETF investment boom has swept the market, with major U.S. financial institutions buying in large quantities. This trend shows that despite recent market volatility, people's confidence in Bitcoin is still growing.


BlackRock, one of the world’s largest asset managers, has made a significant investment by purchasing 3,320 units of a Bitcoin ETF. The move highlights BlackRock’s confidence in Bitcoin’s long-term potential.


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Another financial giant, Fidelity, followed suit by purchasing 1,100 Bitcoin ETFs. The investment is in line with Fidelity’s efforts to expand its presence in the digital asset space and highlights its confidence in Bitcoin’s enduring value.


Grayscale and Bitwise also joined the trend, purchasing 450 and 195 Bitcoin ETFs, respectively, with these purchases indicating the growing institutional adoption of Bitcoin. In total, these purchases amounted to 5,240 Bitcoin ETFs, worth approximately $295 million.


Record inflows during market downturn


On July 8, U.S.-listed Bitcoin ETFs saw their largest single-day inflows in more than a month, totaling $295 million. The surge came amid a sluggish cryptocurrency market and marked the first time all funds had net inflows in the past three trading weeks.


BlackRock's funds led the gains with the highest daily inflows at $187.2 million, followed by Fidelity with $61.5 million in daily inflows. Additionally, Grayscale Bitcoin Trust (GBTC) also saw significant positive price action, attracting $25.1 million in inflows.


Bitcoin rebounds!


Bitcoin price rebounded 3.2% in the last 24 hours to $57,280 after recent declines. Investor interest is rekindled and sentiment suggests investors believe Bitcoin price could rise again.


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