Thomas Daniels
Spot Bitcoin ETFs, or exchange-traded funds, saw record inflows on July 6, following a notable price drop in Bitcoin, which fell below $55,000 during the U.S. July Fourth holiday. This market movement catalyzed a significant influx of investment into these financial instruments.
According to the latest data, spot Bitcoin ETFs received $143.1 million in new investments. Leading the inflow surge was the Fidelity Bitcoin ETF (FBTC), which attracted $117 million. The Bitwise Bitcoin ETF (BITB) followed, securing $30.2 million, boosting its total Bitcoin holdings to over 38,000 BTC. Additionally, ETFs ARKB and HODL reported substantial inflows of $11.3 million and $12.8 million, respectively.
Conversely, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, bucking the otherwise positive trend in the market.
Hunter Horsley, CEO of Bitwise Asset Management, shared strategic insights on X (formerly Twitter), highlighting his team’s acquisitions of Bitcoin at prices less than half a basis point, underscoring their operational efficiency. Horsley conveyed a bullish perspective on Bitcoin, viewing the recent price dip as a prime buying opportunity for investors.
“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,” he commented. Despite short-term market volatility, BITB’s inflows exceeded $66 million in the first week of July, reflecting sustained investor confidence in Bitcoin’s long-term value.
The recent decline in Bitcoin’s price, which dipped below $55,000 on July 5, is linked to developments surrounding the defunct exchange Mt. Gox. Over 47,000 BTC, valued at approximately $2.6 billion, were moved to a new wallet as Mt. Gox prepares for a substantial $9 billion payout.
At the time of writing, Bitcoin is priced at $56,826, a level last seen in February when the cryptocurrency was climbing toward a new all-time high.
