2024

Bitcoin

Spot

The price of Bitcoin has not made a great start to the third quarter of 2024 after falling to a multi-month low over the past week. Bitcoin spot ETFs (exchange-traded funds), on the other hand, appear to be benefitting from the <a href="https://bitcoinist.com/bitcoin-falling-this-is-why-it-is-necessary/" target="_blank" rel="noopener ">recent dip in prices</a>, having posted a positive week in terms of capital flow. 
According to the latest data, a significant amount of capital flowed into the Bitcoin investment products despite the poor performance of the flagship cryptocurrency. 
<h2 id="b-238-million-flows-into-us-bitcoin-spot-etfs-in-the-past-week-b">$238 Million Flows Into US Bitcoin Spot ETFs In The Past Week</h2> 
On Friday, July 5, Bitcoin spot ETFs witnessed a net inflow of more than $143 million, the largest net inflow seen by the market since June 6 — about a month ago. According to <a href="https://www.coinglass.com/bitcoin-etf" target="_blank" rel="noopener nofollow">data from Coinglass</a>, most of the capital inflow was contributed by Fidelity’s FBTC. 
Breaking down the data, only four of the 11 Bitcoin spot ETFs saw inflows, culminating in up to $172 million, with approximately 80% of that total going to Fidelity’s FBTC fund. Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) make up the remainder of the inflows on Friday. 
<a href="https://bitcoinist.com/grayscale-ceo-gbtc-fees/" target="_blank" rel="noopener ">Grayscale’s GBTC</a> saw an outflow of about $29 million, while the remaining funds saw no significant capital flow. Ultimately, this capital influx marked a positive end to the week and a complete turnaround from consecutive days of outflows before the July 4th holiday. 
Based on data from Coinglass, the past week saw a net inflow of $238.4 million for the Bitcoin spot ETFs in the United States. This suggests that institutional investors are loading their bags despite the recent downturn experienced by the premier cryptocurrency. 
In a recent <a href="https://x.com/HHorsley/status/1809350708384391504" target="_blank" rel="noopener nofollow">post on the X</a> platform, Bitwise CEO Hunter Horsley mentioned that the firm’s portfolio management team efficiently acquired Bitcoin at less than half of 1 basis point of cost. This means that the transaction cost was less than 0.005% of the purchase amount. 
Horsley also highlighted that the asset management firm Bitwise now holds over 38,000 Bitcoin for investors. The CEO added:&nbsp; 
<blockquote>
 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.
</blockquote> 
<h2 id="b-bitcoin-price-at-a-glance-b">Bitcoin Price At A Glance</h2> 
As of this writing, the <a href="https://bitcoinist.com/bitcoin-data-ceo-analyze-impact-of-government-sales/" target="_blank" rel="noopener ">price of Bitcoin</a> continues to close in on the $60,000 mark, trading around $58,133. This reflects a nearly 3% price increase in the past 24 hours. On the weekly timeframe, though, the flagship cryptocurrency is still down by more than 5%. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/sy38fAYn/" alt="Bitcoin Spot ETFs" width="1832" height="1314">

Bitcoin Spot ETFs Witness Month-High Inflow Following Latest Market Downturn

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Bitcoinist

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