Bitcoin ETF Investors Buy the Dip as Bitcoin Price Recovers

Following a sharp decline in Bitcoin's price on Friday, July 5, US traders responded by pouring money into Bitcoin ETFs, pushing net inflows to $143.1 million. This marked the highest inflow in at least two weeks.

Fidelity's Wise Origin Bitcoin Fund (FBTC) led the charge with $117.4 million in net new money. Other ETFs seeing inflows included Bitwise Bitcoin ETF (BITB), ARK/21 Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL). Conversely, the Grayscale Bitcoin Trust (GBTC) continued to lose assets.

Bitcoin's price experienced a modest rebound after falling from nearly $61,000 on Wednesday to under $54,000 early Friday. It is currently trading at $56,800, down 6% from last week and 23% from its all-time high of over $73,500 set in mid-March.

The recent price dip was attributed to concerns about a massive surge in supply due to the return of 140,000 bitcoins to former customers of the defunct Mt. Gox exchange and the potential sale of some of Germany's bitcoin holdings.

Bitcoin ETF Investors Buy the Dip as Bitcoin Price Recovers