Bitcoin Exchange-Traded Funds (ETFs) recorded a substantial inflow of $143.1 million on July 6, 2024, showcasing a rebound in investor confidence following a dip in Bitcoin prices.
This investment surge aligns with a broader market recovery as traders capitalize on lower prices after the U.S. Independence Day celebrations.
The Fidelity Bitcoin ETF (FBTC) emerged as a frontrunner, drawing an impressive $117 million of the total inflows. Following closely, the Bitwise Bitcoin ETF (BITB) attracted $30.2 million, marking a pivotal growth phase as its total holdings soared to over 38,000 Bitcoins.
Contributions to other ETFs such as ARKB and HODL were also noteworthy, with inflows of $11.3 million and $12.8 million respectively. On the contrary, the Grayscale Bitcoin Trust (GBTC) faced a setback with a net outflow of $28.6 million, reflecting divergent investor behaviors amid the prevailing market conditions.
Hunter Horsley, CEO of Bitwise Asset Management, highlighted the strategic efficiency of his team, acquiring Bitcoin at less than half a basis point of cost. Bitwise’s operations are advancing due to its market expertise and low-cost investment strategies. Horsley remains optimistic about Bitcoin and believes that with the current price lows, new investors have a great opportunity.
Also Read: U.S. Spot Bitcoin ETFs Record $129M Net Inflows on July 1
