Bitcoin ETFs Surge Amid Mt. Gox Volatility
Despite recent price dips tied to the Mt. Gox unlock, US-based spot Bitcoin ETFs saw their highest net inflows in 30 days on July 5th, indicating potential consumer optimism towards Bitcoin. Fidelity's FBTC fund led the charge, accounting for 80% of the $172 million inflow.
Key Takeaways:
- Spot Bitcoin ETFs saw $143 million in inflows on July 5th, the largest single-day sum since June 6th.
- Fidelity's FBTC fund received the majority of the inflows, followed by Bitwise, Ark 21Shares, and VanEck.
- Grayscale's GBTC saw an outflow of 500 BTC ($29 million).
- BlackRock's iShares Bitcoin Trust (IBIT) remains the top ETF with over $17 billion AUM, though it didn't experience significant inflows or outflows on July 5th.
- The inflows could suggest that investors are buying the dip despite the Mt. Gox sell-off, as per Hunter Horsley, CEO of Bitwise: "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."
It's worth noting that while these inflows are a positive sign, they are still significantly lower than the record-breaking inflows seen in early June.
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