Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?
Highlights
- Fidelity's Bitcoin ETF led the overall inflows into the market totalling to $117 million.
- Bitwise CEO Hunter Horsley revealed that they have been buying the dips throughout the week.
- Peter Schiff predicts that a more substantial drop in Bitcoin prices might force ETF investors to capitulate soon.
Inflows into spot Bitcoin ETFs have rebounded sharply following the July 4 holiday, reversing the outflows seen earlier in the week. This recovery coincides with the Bitcoin price drop below $54,000 on Independence Day
Bitcoin ETFs Buy the Dips
The recent inflows into spot Bitcoin ETFs despite the panic selling in the market show that strong hands and big players have been accumulating the dips. Although the Grayscale Bitcoin ETF GBTC registered $28 million in outflows, others compensated for it by recording strong inflows.
The Fidelity Bitcoin ETF FBTC saw $117 million in inflows thereby leading the overall inflows on Friday. The Bitwise Bitcoin ETF BITB came second with $30 million in inflows. Bitwise Asset Management CEO Hunter Horsley stated that his team at Bitwise managed to efficiently acquire Bitcoins at a cost of less than half a basis points.
During the first week of July, BITB registered inflows exceeding $66 million taking its total Bitcoin holdings to more than 38,000. Horsley also emphasized the strong outlook for Bitcoin stating that the current market dip provides a strong buying opportunity for new and existing 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 noted.
~$30,000,000 inflows into $BITB today.
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.
The outlook for Bitcoin has never been…
— Hunter Horsley (@HHorsley) July 5, 2024
Also Read: Spot Bitcoin ETFs Sheds $35M As Capital Exodus Continues
Peter Schiff Predicts Capitulation By ETF Holders
Renowned Bitcoin critic Peter Schiff has weighed in on the current state of Bitcoin ETF investors, suggesting that despite ongoing market turbulence, these investors remain steadfast in their positions. Schiff noted that trading activity indicates BTC ETF buyers are still holding their assets, showing no signs of panic yet.
“So far, there’s no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff commented.
He further predicted that this capitulation could occur soon, possibly as early as next week, especially if another significant selloff takes place over the weekend. Schiff’s remarks highlight his continued skepticism about the stability and resilience of Bitcoin and its investors in the face of market fluctuations.
Also Read: Spot Bitcoin ETFs Saw $20M Outflow Amid BTC Decline, What’s Next?
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
