Spot Bitcoin ETFs see record inflows post-July 4 dip

Amaka Nwaokocha2 hours agoSpot Bitcoin ETFs see record inflows post-July 4 dipThe Bitcoin price correction provides strong opportunity for ETF investors to buy the dips.1581 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSpot Bitcoin (BTC) ETFs experienced a surge in inflows on July 6, following the recent US Independence Day, during which Bitcoin’s (BTC) price dropped below $54,000.

According to Farside monitoring, this is their largest net inflow in a month, with a remarkable $143.1 million flowing into these financial products.Strong inflows

The Fidelity Bitcoin ETF (FBTC) led the inflows with an impressive $117 million, highlighting strong investor confidence in the fund. Following FBTC, the Bitwise Bitcoin ETF (BITB) recorded a net inflow of $30.2 million, while the ARKB and HODL ETFs saw inflows of $11.3 million and $12.8 million, respectively.

Conversely, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, starkly contrasting the positive trend across other spot Bitcoin ETFs.Spot Bitcoin ETFs bounced back strongly.    Source: Farside Investors

Despite the recent market turbulence, the substantial inflows into these ETFs suggest that institutional investors and large-scale buyers are taking advantage of the dip to accumulate Bitcoin at lower prices.Prime opportunity to buy Bitcoin

Hunter Horsley, CEO of Bitwise Asset Management,highlighted in a post on X social platform his team’s efficiency in acquiring Bitcoin, managing to do so at a cost of less than half a basis point.

Horsley also emphasized the strong outlook for Bitcoin, suggesting that the current market conditions present a valuable buying opportunity for both new and existing investors. “The outlook for Bitcoin has never been stronger. For many who don’t yet have exposure, this week is a chance to buy the dip,” he stated.

During the first week of July, BITB registered inflows exceeding $66 million, increasing its total Bitcoin holdings to over 38,000. Despite short-term volatility, this growth shows continued confidence in Bitcoin’s long-term potential.

Related: Bitcoin Ichimoku cloud reassures as BTC price bounces from 4-month low

Renowned Bitcoin critic Peter Schiff also offered his perspective on the resilience of Bitcoin ETF investors. Despite recent market fluctuations, Schiff observed that these investors remain committed to holding their assets, showing no signs of panic. “So far, there’s no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff commented.

He further predicted that a significant sell-off could occur soon, potentially leading to a capitulation among Bitcoin holders.

Bitcoin (BTC) fell to $55,200 on Coinbase after the collapsed Japanese crypto exchange Mt. Gox transferred 47,229 Bitcoin—worth $2.71 billion at current prices—to a new wallet address in its first major transaction since May.

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