Returning
to
their
screens
following
the
July
4
break,
U.S.
traders
were
confronted
with
a
historic
plunge
in
bitcoin
(BTC)
that
saw
its
price
fall
more
than
10%
from
the
pre-holiday
level.
Based
on
ETF
data,
they
decided
to
lift
the
offer.
According
to
numbers
compiled
by
Farside
Investors,
U.S.-based
spot
bitcoin
ETFs
saw
$143.1
million
in
net
inflows
on
Friday,
the
highest
level
of
inflows
in
at
least
two
weeks.
Leading
the
way
was
Fidelity’s
Wise
Origin
Bitcoin
Fund
(FBTC),
which
took
in
$117.4
million
of
net
new
money.
Other
funds
with
net
inflows
were
the
Bitwise
Bitcoin
ETF
(BITB),
the
ARK/21
Shares
Bitcoin
ETF
(ARKB)
and
the
VanEck
Bitcoin
Trust
(HODL).
Per
usual,
the
high
fee
Grayscale
Bitcoin
Trust
(GBTC)
continued
to
bleed
assets.
As
for
price
action,
bitcoin
has
seen
a
very
modest
of
bounce
since
tumbling
from
nearly
$61,000
Wednesday
to
under
$54,000
early
Friday,
currently
trading
back
to
$56,800.
That’s
down
6%
from
the
week-ago
levels
and
roughly
23%
from
its
all-time
high
above
$73,500
set
in
mid-March.
Taking
the
blame
for
this
latest
downdraft
in
price
was
worry
about
a
massive
surge
in
supply
as
trustees
for
defunct
exchange
Mt.
Gox
began
the
return
of
140,000
bitcoin
to
former
customers
and
the
German
government
apparently
moved
to
sell
at
least
some
of
the
thousands
of
bitcoin
it
holds.
