Bitcoin price has not had a great start to the third quarter of 2024 after falling to a multi-month low last week. On the other hand, Bitcoin exchange-traded funds (ETFs) appear to be benefiting from the recent price decline, having recorded a positive week in terms of capital inflows.
According to the latest data, a large amount of capital has flowed into Bitcoin investment products despite the poor performance of the leading cryptocurrency.
$238 Million Flowed Into Spot Bitcoin ETFs in the US Last Week
On Friday, July 5, spot Bitcoin ETFs saw net inflows of more than $143 million, the largest net inflow the market has seen since June 6 — about a month ago. According to Data from CoinglassMost of the capital inflows were contributed by Fidelity’s FBTC.
Analyzing the data, four of the 11 spot Bitcoin ETFs saw inflows, peaking at $172 million, with nearly 80% of that total going to Fidelity’s FBTC fund. Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) made up the rest of Friday’s inflows.
Grayscale’s GBTC saw outflows of around $29 million, while the remaining funds saw no significant capital outflows. Ultimately, the inflow marked a positive end to the week and a complete turnaround from consecutive days of outflows before the Fourth of July holiday.
According to Coinglass data, last week saw a net inflow of $238.4 million into spot Bitcoin ETFs in the United States, suggesting that institutional investors are preparing to load up their bags despite the recent slide in the leading cryptocurrency.
at recent days Posted on X Bitwise CEO Hunter Horsley said the company’s wallet management team was able to efficiently acquire bitcoin at less than half a basis point of cost. That means the transaction cost was less than 0.005% of the purchase amount.
Horsley also noted that asset management firm Bitwise now holds over 38,000 bitcoins for investors. The CEO added:
Bitcoin has never been more bullish, and for many who are yet to get exposure to the market, this week presents an opportunity to buy the currency on the dip.
Bitcoin Price at a Glance
At the time of writing, Bitcoin continues to approach the $60,000 level, trading at around $58,133. This reflects a price increase of around 3% in the past 24 hours. However, the leading cryptocurrency is still down more than 5% on the weekly timeframe.
The price of BTC breaks above $58,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image by Shutterstock, chart by TradingView