- U.S Spot Bitcoin ETFs bounced back strongly on Friday with over $100M inflows.
- The inflows coincided with BTC regaining momentum after hitting a four-month low.
- Observers emphasized how the inflows depict a strong outlook for Bitcoin.
Net inflows to U.S. spot Bitcoin exchange-traded funds (ETFs) surged on Friday, highlighting rejuvenated investor confidence despite BTCโs weeklong volatility.
The 11 Nasdaq-listed ETFs attracted over 100 million on the same day that Bitcoinโs price plunged below $55,000 for the first time in four months. The crypto asset traded at a low of $53,717 on Friday before pairing the gains to reclaim $56,000 on July 6.
Bitcoin ETF Flow on July 5
According to preliminary data by Farside Investors, Bitcoin ETFs pulled $143.1 million on July 5, recording their largest daily net inflow in the last two weeks.
Sponsored
Fidelityโs FBTC fund led the dayโs inflows with $117.4 million, followed by Bitwiseโs BITB, VanEckโs HODL, and Ark Investโs ARKB at $30.2 million, $12.8 million, and $11.3 million, respectively.
All the remaining funds except for the Grayscale Bitcoin Trust (GBTC) posted $0 inflows. The GBTC fund, which recently lost its Bitcoin ETF crown for most assets under management to BlackRockโs IBIT, saw a total net outflow of $28.6 million.
The strong inflows into the Bitcoin ETFs follow a market turbulence that saw BTC and other crypto assets tumble, with some recording double-digit losses. According to Bloombergโs James Seyffart, the funds are doing the โexact opposite of dumping,โ meaning investors arenโt inclined to sell out of fear.
Commenting on the inflows, Hunter Horsley, CEO of Bitwise Asset Management, urged users to buy the dip as the โoutlook for Bitcoin has never been stronger.โ
Bitcoin exchanged hands at $56,479 as of press time after gaining 3.94% in the last 24 hours, CoinMarketCap data shows.
Stay updated on Metaplanetโs latest Bitcoin acquisition:
Metaplanet Advances $6M Bitcoin Plan with First Purchase
Read about the controversial Bitcoin โHODL Taxโ proposal:
Bitcoin HODL Tax: Relief for Miners or Diamond Hand Penalty?
