Bitcoin (BTC) Price Action At A Glance, $238 Million Flows Into US Bitcoin Spot ETFs In The Past Week

The price of Bitcoin has not made a great start to the third quarter of 2024 after falling to a multi-month low over the past week.

The price of Bitcoin ( BTC ) has not had the best start to Q3 of 2024, having fallen to multi-month lows over the past week. However, Bitcoin spot exchange-traded funds (ETFs) seem to be benefitting from the recent dip in cryptocurrency prices, having posted a positive week in terms of capital flow.

According to the latest data, a significant amount of capital flowed into institutional BTC investment products despite the poor performance of the flagship cryptocurrency.

$238 Million Flows Into US Bitcoin Spot ETFs In Past Week

On Friday, July 5, Bitcoin spot ETFs saw a net inflow of over $143 million, which is the largest net inflow seen by the market since June 6 – around a month ago. According to data from Coinglass, the majority of the capital inflow was thanks to Fidelity’s FBTC fund.

Breaking down the figures, only four out of the 11 Bitcoin spot ETFs saw inflows, which amounted to around $172 million, with about 80% of that total heading into Fidelity’s FBTC fund. Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) made up the rest of the inflows on Friday.

Grayscale’s GBTC saw an outflow of about $29 million, while the remaining funds saw no significant capital flow. The capital inflows ultimately helped conclude the week on a positive note, following several days of outflows in the lead-up to the July 4 holiday.

Over the past week, the Bitcoin spot ETFs in the United States saw a net inflow of $238.4 million, according to data from Coinglass. This suggests that institutional investors are accumulating BTC tokens despite the recent downturn experienced by the premier cryptocurrency.

In a recent post on X platform, Bitwise CEO Hunter Horsley mentioned that the firm’s portfolio management team was able to efficiently acquire Bitcoin at less than half of 1 basis point of cost. This translates to a transaction cost of less than 0.005% of the purchase amount.

Horsley also noted that Bitwise now holds more than 38,000 Bitcoin on behalf of its investors, and went on to add that "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."

BTC Price At A Glance At the time of writing, the price of Bitcoin is trading close to the $58,000 mark, at around $58,133. This reflects a nearly 3% price increase in the past 24 hours. However, on the weekly timeframe, the flagship cryptocurrency is still down by more than 5%.

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