BTC ETFs witnessed the largest inflows in the past month, recording $143.1 million on July 5 despite concerning BTC price movement. The inflows display investors’ willingness to buy the dip and hold on until the asset’s price rises again.
Analysts suggest that BTC is still bullish despite temporary setbacks caused by events like Mt. Gox repayments and the German government offloading millions of dollars in BTC to centralized exchanges (CEXs). They feel the asset will take an upward trajectory again, probably after falling to the $50,000 mark.
Of the $143.1 million in net inflows, Fidelity’s FBTC ETF attracted the highest, as investors pumped about $117 million into the product. Bitwise’s BITB followed that with $30.2 million in net inflows. VanEck’s HODL ETF saw $12.8 million, and the ARKB ETF, a collaborative product by Ark Invest and 21 Shares, $11.3 million. Grayscale’s GBTC recorded net outflows of $28.6 million.
Bitwise’s CEO Hunter Horsley stated about the falling BTC prices in an X post, “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.” In that same post, he mentioned that Bitwise acquired BTC at less than half of 1 basis point, also saying the BITB ETF has accumulated 38,000 BTC on behalf of its investors. “Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point of cost. Cumulatively this week $BITB had >$66,000,000 of inflows, and now holds over 38,000 Bitcoin for investors.”
This week’s market turbulence led the BTC price down to below $54,500. While the expectations of Mt. Gox repayment added selling pressure, causing BTC to lose value from July 2, July 5 saw the asset tumble to meet price points it had not witnessed for months when a Mt. Gox-related transaction occurred.
Image by Markus Winkler from Pixabay
