Bitcoin Spot ETFs Receive $238 Million Inflows Amid Price Dip
Despite the recent price drop of Bitcoin, US Bitcoin spot ETFs have seen a significant increase in capital inflows. On July 5, these ETFs witnessed a net inflow of over $143 million, marking the largest influx since June 6. The data from Coinglass reveals that the majority of this capital flow came from Fidelity’s FBTC.
Positive Trend in ETF Investments
- Four out of the 11 Bitcoin spot ETFs experienced inflows last week, totaling $172 million.
- Approximately 80% of this total went into Fidelity’s FBTC fund.
- Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) also received inflows.
Interestingly, Grayscale’s GBTC saw an outflow of $29 million, while other funds remained stable in terms of capital flow. This surge in capital inflow signifies a positive turn for the ETF market, contrasting with previous days of outflows leading up to the July 4th holiday.
The total net inflow for US Bitcoin spot ETFs over the past week reached $238.4 million, indicating a growing interest from institutional investors despite Bitcoin’s recent price fluctuations.
In a recent post on the X platform, Bitwise CEO Hunter Horsley revealed that the firm acquired Bitcoin at an incredibly low transaction cost, holding over 38,000 Bitcoin for investors. Horsley expressed confidence in Bitcoin’s future, urging investors to take advantage of the current dip in prices.
Bitcoin Price Movement
Currently, the price of Bitcoin is approaching the $60,000 mark, with a trading value of around $58,133. Over the past 24 hours, Bitcoin has seen a 3% increase in its price, but on a weekly basis, it remains down by more than 5%.
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