The post Bitcoin Price Skyrocket $57K As US Institutions Bought $295M Worth of Bitcoin ETFs appeared first on Coinpedia Fintech News
The price of Bitcoin has fallen sharply over the past two weeks, dropping to $53,600 on July 5. This is the first time Bitcoin has traded below $54,000 since February. The decline is mainly due to a significant sell-off by the German government and the $8.5 billion repayment from Mt. Gox to its creditors.
Meanwhile, U.S. institutions are taking advantage of this dip, rapidly purchasing 5,240 Bitcoin ETFs Worth $295.
US Institutions Buying the Dip
A huge wave of investments in Bitcoin ETFs has hit the market, with major U.S. financial institutions making massive purchases. This move shows growing confidence in Bitcoin despite recent market ups and downs.
Meanwhile leading the charge is Blackrock, one of the world’s largest asset managers, which made a significant investment by purchasing 3,320 Bitcoin ETFs.
Fidelity, another major player in the finance world, followed with a purchase of 1,100 Bitcoin ETFs. This investment aligns with Fidelity’s ongoing efforts to expand its presence in the digital asset space, reflecting its belief in Bitcoin’s long-term value.
Grayscale and Bitwise have also joined the trend, acquiring 450 and 195 Bitcoin ETFs, respectively, as these purchases show the increasing institutional adoption of Bitcoin. In total, these purchases amount to 5,240 Bitcoin ETFs, valued at approximately $295 million.
Bitcoin ETF Recorded A Surge
United States-listed Bitcoin ETFs experienced their largest single-day inflow in over a month, totaling $295 million on July 8. This surge comes amidst a downturn in the cryptocurrency markets, marking the first positive net inflow day across all funds in the past three trading weeks.
BlackRock’s fund led the day with the highest daily inflow of $187.2 million, followed by Fidelity, which recorded gains of $61.5 million.
In addition, Grayscale Bitcoin Trust (GBTC) saw a notable day of positive price action, attracting $25.1 million in inflows.
Bitcoin Price Surge To $57K
Bitcoin’s price bounced back by 3.2% in the last 24 hours, reaching $57,280 after recent losses. Big investors are again interested in Bitcoin, even after its recent drop. This shows they might believe its price could go up again. It’ll be interesting to see how this affects the market in the coming days.