The drop in the price of Bitcoin below $54,000 on Independence Day coincided with a recovery in inflows into spot Bitcoin ETFs. Earlier in the week, there were outflows, but now there has been a sharp rebound. This recovery is a testament to the fact that despite the panic selling in the market, strong hands and big players have been accumulating the dips. While the Grayscale Bitcoin ETF, GBTC, saw $28 million in outflows, other ETFs made up for it with strong inflows.
Leading the overall inflows on Friday was the Fidelity Bitcoin ETF, FBTC, which saw $117 million flowing in. In second place was the Bitwise Bitcoin ETF, BITB, with $30 million in inflows. The CEO of Bitwise Asset Management, Hunter Horsley, mentioned that his team managed to acquire Bitcoins at a cost of less than half a basis point.
During the first week of July, BITB saw inflows exceeding $66 million, bringing its total Bitcoin holdings to over 38,000. Horsley also expressed optimism about Bitcoin’s future, stating that the current market dip presents a great buying opportunity for both new and existing investors. He believes that the outlook for Bitcoin has never been stronger and encourages those who haven’t invested yet to take advantage of this chance to buy the dip.
Despite the ongoing market turbulence, Bitcoin ETF investors seem to be holding their positions without panic, according to renowned Bitcoin critic Peter Schiff. He observed that the trading activity of BTC ETF buyers indicates their steadfastness.
In other crypto news today, DOGE and SHIB have experienced double-digit gains amidst a market uptrend.
