Spot Bitcoin ETF inflows surged after the Fourth of July holiday, offsetting declines seen earlier in the week. The rebound coincides with Bitcoin’s price falling below $54,000 on Independence Day.
Opportunity to buy the dip Bitcoin ETFs saw significant inflows despite the panic selling in the market, indicating that strong hands and big players were taking advantage of the dips. Although the Grayscale Bitcoin ETF (GBTC) recorded outflows of $28 million, other funds made up for it with strong inflows.
The Fidelity Bitcoin ETF (FBTC) saw $117 million in inflows, leading overall inflows on Friday. The Bitwise Bitcoin ETF (BITB) came in second with $30 million inflows. Bitwise Asset Management CEO Hunter Horsley said his team at Bitwise was able to buy bitcoin efficiently at a cost of less than half a basis point.
During the first week of July, the BITB Fund recorded inflows of over $66 million, bringing its total Bitcoin holdings to over 38,000 BTC. Horsley also reiterated the strong bullish outlook for Bitcoin, noting that the current market decline provides a strong buying opportunity for new and existing investors. He explained that the outlook for Bitcoin has never been stronger, noting that this week is an opportunity for those who have not yet been exposed to Bitcoin to buy the dip.
Critics’ view Noted Bitcoin critic Peter Schiff has spoken about the current state of Bitcoin ETF investors, noting that despite the ongoing market turmoil, these investors are holding firm. Schiff explained that trading activity suggests that Bitcoin ETF buyers are still holding onto their assets, with no signs of panic yet.
