Bitcoin ETFs Surge on $140M Inflows as Investors Buy the Dip

The largest cryptocurrency in the world( Bitcoin ETF) has experienced a very slight increase in price after falling below $54,000 early on Friday.

After the July 4 holiday, when American investors returned to their screens, the bitcoin (BTC) price had dropped more than 10% from its pre-holiday level, causing a record decline. They decided to revoke the offer based on ETF data.

Numbers published by Farside Investors show that on Friday, U.S.-based spot bitcoin ETFs witnessed net inflows of $143.1 million, the most in two weeks.

The first was the Wise Origin Bitcoin Fund (FBTC), managed by Fidelity, which brought in $117.4 million in net new capital. The Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB), and the VanEck Bitcoin Trust (HODL) were the other funds that had net inflows. The high-fee Grayscale Bitcoin Trust (GBTC) kept losing money as usual.

Regarding trading, the price of bitcoin has seen a very slight upswing after plunging from about $61,000 on Wednesday to less than $54,000 early on Friday. It is currently trading back up to $56,800. That is a decrease of 6% from the levels observed a week ago and nearly 23% from the peak of $73,500 reached in mid-March.

The German government reportedly tried to sell at least some of the thousands of bitcoins it possesses, and trustees for the bankrupt exchange Mt. Gox started returning 140,000 bitcoins to former customers. These developments are blamed for the most recent price decline.