US Spot Bitcoin ETFs See Record Inflows Amid Price Crash
US Spot Bitcoin ETFs: In the wake of major setbacks, such as Mt. Gox settlements and Bitcoin sales in Germany, the price of Bitcoin fell and subsequently rebounded marginally.
Substantial inflows into spot Bitcoin ETFs, backed by optimistic predictions from industry insiders, have revived excitement.
Bitcoin (BTC) and large-cap altcoins have experienced daily losses of double digits for the last two weeks, causing the crypto market immense hardship.
US Spot Bitcoin ETFs See Record Inflows Amid Price Crash
Several variables have impacted the price of Bitcoin and the overall stability of the cryptocurrency market for about ten years; creditors Mt. Gox finally got their money back, perhaps one of the greatest triggers that made investors freak out.
Worse, the German government had already sold Bitcoin, valued at over $175 million (AUD 259 million). Two days after Bitcoin’s price fell below $54,000 (AU$79,916), US Spot Bitcoin ETFs exchange-traded funds (ETFs) witnessed a surge in inflows on Friday, continuing the recent volatility.
Daily net inflows into spot Bitcoin ETFs totaled US$143.1M (AU$211.8M) on July 5, according to statistics from SoSo Value.
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Remember that spot Bitcoin ETFs witnessed a five-day series of consecutive inflows in late June, although these numbers were more moderate compared to May and the beginning of that month. This current batch of net inflows, however, could restart that streak.
Spot ETFs had net withdrawals of approximately US$1B (AU$1.48B) in June, making it one of the worst months for Bitcoin from a comprehensive financial standpoint.
Preeminence of Integrity
Next, according to statistics from Farside Investors, the biggest net inflows were over US$117.4M (AU$173.7M) to the Fidelity Wise Origin Bitcoin Fund (FBTC) and about US 30.2M (AU$44.7M) to the Bitwise Bitcoin ETF (BITB). Nonetheless, $28.6 million (or $42.3 million) went out of the Grayscale Bitcoin Trust (GBTC).
Buying the Dip Now?
Bitcoin’s price has dropped by a painful 20.32% compared to last month, trading at $55,347 (AU$81,913) at the time of writing. Bitcoin (BTC) pulled back and regained some ground at the week’s end after plunging to a five-month low of US$53,550 (AU$79,241).
The latest influx of funds is hopeful for the crypto community. Especially after prominent experts claimed multiple technical indicators pointed to a price turnaround for Bitcoin.
Further Information: Coinrexa