Infow in the spot Bitcoin ETFs have bounced back strongly after the July 4 holiday making a sharp reversal from the outflows recorded earlier this week. This comes as the Bitcoin price tanked all the way under $54,000 on the US 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?
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