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.
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