As a seasoned crypto investor with a keen eye on the market, I’ve witnessed countless ups and downs in the ever-volatile world of digital currencies. The recent dip in Bitcoin’s price to multi-month lows has been disheartening for many, but I see this as an opportunity rather than a cause for concern.
As a researcher studying the cryptocurrency market, I’ve observed that the price of Bitcoin hasn’t had a strong beginning to the third quarter of 2024, with a significant drop over the past week leading it to hit multi-month lows. Contrastingly, Bitcoin spot ETFs have experienced positive capital inflows during this period, indicating a trend towards investment in these funds despite the declining Bitcoin price.
Recent figures indicate that a substantial sum has been directed towards Bitcoin investment vehicles, despite Bitcoin itself underperforming.
$238 Million Flows Into US Bitcoin Spot ETFs In The Past Week
On July 5, 2023, Bitcoin spot ETFs experienced a substantial influx of over $143 million, marking the largest single-day inflow since early June – approximately a month prior. The majority of this investment flow can be attributed to Fidelity’s FBTC.
Analyzing the figures, just over a third of the 11 Bitcoin spot ETFs experienced inflows last Friday, amounting to approximately $172 million in total. The largest share, around 80%, was allocated to Fidelity’s fund (FBTC). Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) accounted for the rest of the inflows that day.
Approximately $29 million was withdrawn from Grayscale’s GBTC during the week, while the other funds experienced no substantial investment. However, this latest influx signified a favorable conclusion to the week and a reversal of the successive outflows preceding the July 4th holiday.
As an analyst examining data from Coinglass, I can report that over the past week, there was a net inflow of approximately $238.4 million into Bitcoin spot ETFs based in the US. This influx signifies that institutional investors have been actively purchasing Bitcoin-related securities, even amidst the recent market downturn.
In a recent update on the X platform, Bitwise CEO Hunter Horsley shared that our team skillfully purchased Bitcoin for the portfolio at a transaction fee equivalent to only 0.005% of the total investment amount.
As a researcher examining the latest developments in the cryptocurrency industry, I came across an intriguing piece of news from asset management firm Bitwise. They currently manage over 38,000 Bitcoin on behalf of their investors. The CEO made this revelation in a recent statement.
As a crypto investor, I can tell you that the future of Bitcoin looks more promising than ever before. If you’re one of those who haven’t jumped on the bandwagon yet, this week presents an excellent opportunity to add some Bitcoin to your portfolio at a potentially lower price. In other words, consider this dip as a chance to buy low and potentially reap greater rewards in the long run.
Bitcoin Price At A Glance
At present, Bitcoin’s price is approaching $60,000 with a current value of approximately $58,133, representing a nearly 3% rise over the previous 24 hours. However, on a weekly basis, the leading cryptocurrency shows a decline exceeding 5%.
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2024-07-07 13:12