Spot Bitcoin ETFs See Record Inflows Following a Notable Price Drop

Spot Bitcoin ETFs, or exchange-traded funds, saw record inflows on July 6, following a notable price drop in Bitcoin, which fell below $55,000

output: Spot Bitcoin exchange-traded funds (ETFs) recorded remarkable inflows on July 6 following a notable price drop in BTC, which fell below $55,000 during the U.S. July Fourth holiday. This market movement catalyzed a significant influx of investment into these financial instruments.

According to the latest data, spot Bitcoin ETFs received $143.1 million in new investments on Tuesday. Leading the inflow surge was the Fidelity Bitcoin ETF (FBTC) with a massive $117 million, while the Bitwise Bitcoin ETF (BITB) secured $30.2 million, boosting its total Bitcoin holdings to over 38,000 BTC. Notably, ETFs ARKB and HODL also saw substantial inflows of $11.3 million and $12.8 million, respectively.

In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, bucking the otherwise positive trend in the market.

Meanwhile, Bitwise Asset Management, which launched the first physically backed and transparent Bitcoin ETF in the U.S., continues to make strategic moves in the digital asset space. In a recent interview, Hunter Horsley, CEO of Bitwise, shared some interesting details about X (formerly Twitter) and his team’s efficient acquisitions of Bitcoin at prices less than half a basis point.

Horsley also maintained a bullish stance on Bitcoin, viewing the recent price dip as a prime buying opportunity for 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,” Horsley said. Despite short-term market volatility, BITB's inflows crossed $66 million in the first week of July, underscoring sustained investor confidence in Bitcoin's long-term value.

The recent decline in Bitcoin’s price, which dipped below $55,000 on July 5, is linked to developments surrounding the defunct exchange Mt. Gox. Over 47,000 BTC, valued at approximately $2.6 billion, were moved to a new wallet as Mt. Gox prepares for a substantial $9 billion payout.

At the time of writing, Bitcoin is priced at $56,826, a level last seen in February when the cryptocurrency was climbing toward a new all-time high.

The above is the detailed content of Spot Bitcoin ETFs See Record Inflows Following a Notable Price Drop. For more information, please follow other related articles on the PHP Chinese website!