Bitcoin ETF Investors Buy the Dip on Friday, With Inflows Exceeding $140M
Bitcoin ETF Investors Capitalize on Post-July 4th Dip, Inflows Surpass $140M
After returning from the July 4 break, U.S. traders faced a significant drop in Bitcoin’s price, which fell more than 10% from its pre-holiday level. Despite the plunge, ETF data shows that investors saw an opportunity and increased their purchases.
According to Farside Investors, U.S.-based spot Bitcoin ETFs recorded $143.1 million in net inflows on Friday, marking the highest level of inflows in at least two weeks. Leading this surge was Fidelity’s Wise Origin Bitcoin Fund (FBTC), which received $117.4 million in net new money. Other funds with notable inflows included the Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB), and the VanEck Bitcoin Trust (HODL). In contrast, the high-fee Grayscale Bitcoin Trust (GBTC) continued to lose assets.
Bitcoin’s price action showed a modest recovery after its sharp decline from nearly $61,000 on Wednesday to under $54,000 early Friday. It currently trades at $56,800, down 6% from the previous week’s levels and approximately 23% from its all-time high of over $73,500 set in mid-March.
The recent drop in Bitcoin’s price is attributed to concerns about a potential surge in supply. This comes as trustees for the defunct exchange Mt. Gox began returning 140,000 Bitcoin to former customers, and the German government reportedly moved to sell some of the thousands of Bitcoin it holds.
