Bitcoin’s price has been taking a tumble lately, but some investors are seeing this as an opportunity. In the past week, Bitcoin spot ETFs (exchange-traded funds) have seen a surge in investment, despite the cryptocurrency’s struggles.
Big Money Flowing In
Last Friday, Bitcoin spot ETFs saw a whopping $143 million in new investments, the highest amount in a month. This influx was largely driven by Fidelity’s FBTC fund, which attracted around 80% of the total inflow. Other ETFs like Bitwise, VanEck, and Ark 21Shares also saw some new money coming in.
Institutional Investors Are Buying the Dip
Overall, the past week saw a net inflow of $238.4 million into US Bitcoin spot ETFs. This suggests that institutional investors are taking advantage of the recent price drop to buy Bitcoin at a lower price.
Bitwise CEO: “The Outlook for Bitcoin Has Never Been Stronger”
Bitwise CEO Hunter Horsley recently tweeted that his firm has been efficiently buying Bitcoin at very low costs. He also highlighted that Bitwise now holds over 38,000 Bitcoin for investors. Horsley believes that this is a great time for investors to get into Bitcoin, even with the recent price dip.
Bitcoin Price Update
As of right now, Bitcoin is trading around $58,133, up about 3% in the past 24 hours. However, it’s still down over 5% for the week.
