Bitrabo Editorial
Bitcoin faced a downward trend at the beginning of the third quarter of 2024, hitting a multi-month low. However, Bitcoin spot ETFs have seen a positive inflow amidst the price decline, indicating investor confidence.
Positive Trends in US Bitcoin Spot ETFs
The recent data reveals a substantial influx of over $143 million into Bitcoin spot ETFs on July 5. This marked the highest inflow since June 6. Majority of the capital influx was attributed to Fidelity’s FBTC, as reported by data from Coinglass.
Out of the 11 Bitcoin spot ETFs, four experienced inflows totaling up to $172 million, with a significant portion going to Fidelity’s FBTC. Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) also saw inflows on the same day.
In contrast, Grayscale’s GBTC witnessed an outflow of $29 million, while the other funds had no significant movement in capital. This positive flow signals a turnaround from previous days of outflows leading up to the 4th of July holiday.
The past week saw a total net inflow of $238.4 million in Bitcoin spot ETFs in the US, indicating that institutional investors are increasing their holdings despite Bitcoin’s recent price drop.
Bitwise CEO Hunter Horsley highlighted their effective acquisition of Bitcoin at a very low transaction cost, securing over 38,000 Bitcoin for investors. He also emphasized the current opportunity to buy the dip for those looking to enter the market.
Bitcoin Price Update
Bitcoin’s price is nearing $60,000, currently trading at $58,133 with a 3% increase in the last 24 hours. Despite the daily uptick, Bitcoin remains down by over 5% on a weekly basis.