Bitcoin price correction offers ETF investors a great opportunity to buy dips. Bitwise Bitcoin ETF BITB added 38,000 Bitcoins this week.
Following the July 4 holiday, Bitcoin ETFs have experienced a significant rebound, which represents a major turnaround from the outflows that were observed earlier this week.
This occurred as the Bitcoin price plummeted to below $54,000 on the United States Independence Day.
Bitcoin ETFs Buy the Dips
Despite the panic selling in the market, the recent inflows into spot Bitcoin ETFs indicate that strong hands and major participants have been accumulating the dips.
The Grayscale Bitcoin ETF GBTC experienced $28 million in outflows; however, other funds made up for it by generating significant inflows.
The Fidelity Bitcoin ETF FBTC witnessed $117 million in inflows on Friday, which constituted the majority of the overall inflows.
Meanwhile, BITB, the Bitwise Bitcoin ETF, ranked second with $30 million in inflows.
Hunter Horsley, CEO of Bitwise Asset Management, reported that his team was able to acquire Bitcoins at a cost of less than half a basis point in an expedient manner.
BITB’s total Bitcoin holdings surpassed 38,000 during the first week of July, as it recorded inflows exceeding $66 million.
Horsley also highlighted the bullish outlook for Bitcoin, asserting that the current market decline presents a compelling buying opportunity for both new and existing investors.
“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,” he noted.
Peter Schiff Predicts Capitulation By ETF Holders
Peter Schiff, a renowned Bitcoin critic, has expressed his opinion on the current status of Bitcoin ETF investors, predicting that they will eventually capitulate despite the ongoing market turbulence.
Schiff observed that trading activity suggests that BTC ETF buyers continue to hold their assets, with no indications of panic at this time.
“So far, there’s no sign of panic. It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff commented.
He also predicted that this capitulation could occur in the near future, possibly as early as next week, particularly if another substantial selloff occurs over the weekend.
Schiff’s comments underscore his ongoing skepticism regarding the stability and resilience of Bitcoin and its investors in the context of market fluctuations.