As an experienced financial analyst, I’ve closely followed the Bitcoin market and ETF trends for years. The recent bounce back of spot Bitcoin ETFs after the July 4 holiday is a clear indication of strong investor confidence and accumulation during market dips.
After a weak showing in the days leading up to the July 4 holiday, inflows into Bitcoin ETFs have surged, marking a significant rebound. This upturn occurred despite Bitcoin’s price dropping below the $54,000 threshold on US Independence Day.
Bitcoin ETFs Buy the Dips
As a researcher studying the Bitcoin market, I’ve noticed an intriguing trend emerging amidst the market turmoil: despite widespread panic selling, institutional investors and big players have been actively accumulating the dips in spot Bitcoin ETFs. While Grayscale Bitcoin Trust (GBTC) experienced net outflows amounting to $28 million, other Bitcoin ETFs reported robust inflows that more than made up for it.
On Friday, the Fidelity Bitcoin ETF, FBTC, recorded $117 million in investments, making it the largest inflow for the day. The Bitwise Bitcoin ETF, BITB, followed closely with $30 million in new assets. Bitwise Asset Management’s CEO, Hunter Horsley, shared that his team successfully purchased Bitcoins at a minimal cost of under 0.005%.
In the first seven days of July, BITB witnessed over $66 million worth of Bitcoin investments, raising its Bitcoin reserves above 38,000 units. Horsley underscored the optimistic perspective towards Bitcoin, suggesting that the present market decline offers an attractive purchasing window for both novice and seasoned investors. “The future of Bitcoin looks brighter than ever. This week serves as a valuable chance for those without prior involvement to seize the dip in price,” he remarked.
~$30,000,000 inflows into $BITB today.
Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point of cost.
As a researcher analyzing the cryptocurrency market this week, I’ve discovered that over $66 million worth of investments have flowed into $BITB. Currently, this digital asset holds approximately 38,000 Bitcoins on behalf of its investors.
The outlook for Bitcoin has never been…
— Hunter Horsley (@HHorsley) July 5, 2024
Peter Schiff Predicts Capitulation By ETF Holders
As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I’ve observed Peter Schiff’s recent perspective on the current situation. He emphasized that despite the ongoing market instability, investors in Bitcoin ETFs have remained resilient in their positions. Schiff pointed out that buying and selling activity suggest that Bitcoin ETF holders continue to keep their assets, demonstrating a lack of panic thus far.
Schief observed so far no indication of panic, implying that a significantly larger decrease in Bitcoin’s value might be necessary before people give up and sell off their holdings in mass.
As a crypto investor, I’ve noticed Schiff’s prediction that a capitulation could be imminent, possibly even within the next week. This is especially true if there’s another major selloff over the weekend. His comments underscore his persistent doubts about Bitcoin’s ability to withstand market turbulence and the resolve of its investors.
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2024-07-06 09:03