Bitcoin Exchange-Traded Funds (ETFs) Recorded a Substantial Inflow of $143.1 Million on July 6, 2024

Bitcoin Exchange-Traded Funds (ETFs) recorded a substantial inflow of $143.1 million on July 6, 2024, showcasing a rebound in investor confidence following a dip in Bitcoin prices.

Bitcoin Exchange-Traded Funds (ETFs) saw a remarkable uptick in investment on July 6, 2024, with a total net flow of $143.1 million, indicating a recovery in investor sentiment after a recent dip in Bitcoin prices.

This surge in ETF inflows coincides with a broader market rebound, as traders are capitalizing on lower prices following the U.S. Independence Day celebrations.

The Fidelity Bitcoin ETF (FBTC) led the pack, attracting a massive $117 million of the total inflows. Close behind, the Bitwise Bitcoin ETF (BITB) saw a strong addition of $30.2 million, continuing its rapid growth phase as its total holdings now exceed 38,000 Bitcoins.

Contributions to other ETFs like ARKB and HODL were also significant, with inflows of $11.3 million and $12.8 million, respectively. In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, highlighting varying investor strategies amidst the market landscape.

Hunter Horsley, CEO of Bitwise Asset Management, noted his team's strategic efficiency in acquiring Bitcoin at less than half a basis point of cost. Bitwise's operations are flourishing due to its market expertise and low-cost investment strategies. Horsley remains optimistic about Bitcoin and believes that new investors have a great opportunity with the current price lows.

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