Bitcoin

Grayscale Bitcoin Trust

Spot

<p>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.</p>
<h2 id="h-a-rush-for-bitcoin-etfs-after-the-price-drop">A rush for Bitcoin ETFs after the price drop</h2>
<p>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 <a href="https://www.cointribune.com/en/panic-in-the-crypto-market-bitcoin-and-ethereum-are-collapsing/" target="_blank" rel="noopener noreferrer nofollow">significant drop in Bitcoin’s price</a>, which fell below $54,000 on July 4.</p>
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<p>The Fidelity ETF (FBTC) <a href="https://cointelegraph.com/news/spot-bitcoin-etfs-record-143m-inflows-july-6" target="_blank" rel="noopener noreferrer nofollow">dominated</a> 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.</p>
<p>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.</p>
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<h2 id="h-the-outlook-remains-positive-according-to-experts">The outlook remains positive according to experts</h2>
<p>Hunter Horsley, CEO of Bitwise Asset Management, highlighted his team’s effectiveness in acquiring BTC at very competitive costs. He stated: “<em>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</em>.”</p>
<p>This optimistic view is supported by the continuous growth of the <a href="https://www.cointribune.com/en/bitcoin-etf-blackrocks-ibit-skyrockets-50-in-just-5-months/" target="_blank" rel="noopener noreferrer nofollow">BlackRock Bitcoin spot ETF</a>‘s holdings, which surpassed 38,000 BTC after inflows of more than $66 million during the first week of July.</p>
<p>Even Peter Schiff, a notorious Bitcoin critic, has acknowledged the resilience of Bitcoin ETF investors. He noted: “<em>So far, there are no signs of panic. It will likely take a much larger drop in BTC before they eventually capitulate.</em>“</p> 
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<p>In summary, the recent market volatility has created a buying opportunity seized by institutional investors. This trend suggests a lasting confidence in the <a href="https://www.cointribune.com/en/bitcoin-derivatives-data-rekindles-hope/" target="_blank" rel="noopener noreferrer nofollow">long-term potential of Bitcoin</a>.</p>

Bitcoin ETFs Defy Gravity: $143M in Inflows Amid a Downturn

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Cointribune EN

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