Bitcoin Bargain Buying Spree: Investors Scoop Up BTC at Low Prices

IconCryptoNewsTerminal Staff09 Jul, 2024

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Bitcoin Bargain Buying Spree: Investors Scoop Up BTC at Low Prices

Bloomberg reports a massive influx of $438 million into the U.S. BTC spot ETF over the past two days, signaling that investors see an opportunity to purchase Bitcoin at discounted prices amidst the recent sell-off. This significant inflow follows similar net inflows of $143.1 million and $295 million into the ETF on May 5th and May 8th, respectively. The May 8th inflow marks the largest since June 6th. The media attributes the surge in buying activity to Bitcoin's recent decline of approximately 20% since the beginning of April, fueled by concerns over Mt. Gox's creditor compensation and the German government's BTC sales. As a result, BTC is currently trading at around $16,000 lower than its March peak. Industry experts believe that despite the recent dip, the long-term prospects for Bitcoin remain positive. Charlie Morris, CIO of ByteTree, highlights that a significant portion of investors have yet to enter the market, potentially driving up prices in the future. Chris Weston, an analyst at Pepperstone, echoes this sentiment, stating that concerns over Mt. Gox and German sales have been overstated and that the market is nearing the end of the sell-off.

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