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The recent correction in Bitcoin’s price has presented an attractive opportunity for ETF investors, who have taken advantage to buy the dip. Bitcoin Spot ETFs recorded impressive net inflows of $143.1 million on July 6, marking their largest monthly inflow, according to Farside Monitoring.
A rush for Bitcoin ETFs after the price drop
On July 6, Bitcoin spot ETFs experienced a record inflow of $143.1 million, marking their largest net entry in a month. This wave of investments comes after a significant drop in Bitcoin’s price, which fell below $54,000 on July 4.
The Fidelity ETF (FBTC) dominated the market with inflows of $117 million, followed by Bitwise (BITB) with $30.2 million. ARK Invest (ARKB) and ProShares (HODL) also recorded significant inflows, of $11.3 million and $12.8 million respectively.
However, the Grayscale Bitcoin Trust (GBTC) witnessed an opposite trend with a net outflow of $28.6 million, contrasting with the positive momentum of other Bitcoin spot ETFs.
The outlook remains positive according to experts
Hunter Horsley, CEO of Bitwise Asset Management, highlighted his team’s effectiveness in acquiring BTC at very competitive costs. He stated: “The outlook for Bitcoin has never been better. For many of those who have yet to get exposure, this week is an opportunity to buy the dip.”
This optimistic view is supported by the continuous growth of the BlackRock Bitcoin spot ETF‘s holdings, which surpassed 38,000 BTC after inflows of more than $66 million during the first week of July.
Even Peter Schiff, a notorious Bitcoin critic, has acknowledged the resilience of Bitcoin ETF investors. He noted: “So far, there are no signs of panic. It will likely take a much larger drop in BTC before they eventually capitulate.“
In summary, the recent market volatility has created a buying opportunity seized by institutional investors. This trend suggests a lasting confidence in the long-term potential of Bitcoin.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
