Bitcoin vs. Ether: Who Will Rise More?

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Bitcoin Investors Buying the Dip

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Bloomberg Jul 9 23:55 · 15.8k Views

Investors are piling into Bitcoin exchange-traded funds, betting the supply overhang that’s pushed the token lower in past weeks has created a buying opportunity. Eric Balchunas and Sonali Basak have more.

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Transcript

  • 00:00 Crypto digital asset projects saw inflows totaling $441 million in the week ended July 5th, according to Coin shares, and that's the first week of inflows in a month.
  • 00:10 We saw another 400 million poured into Bitcoin ETFs in the past two days.
  • 00:14 Eric, what are these new inflows?
  • 00:17 What do they mean?
  • 00:17 Where are they coming from?
  • 00:19 Yeah, well, if you look at the tickers, I mean, almost all of them took in money the past two days.
  • 00:22 But I was more interested in the 20% drawdown over the past month.
  • 00:26 How strong are these hands?
  • 00:28 And I got to say they took in net inflows.
  • 00:30 Now, there was a couple weeks and days where you saw some outflows,
  • 00:32 but over that drawdown,
  • 00:34 it did not shake people out.
  • 00:36 ETF investors, in my opinion, try to tell those people this all the time.
  • 00:39 They're stronger hands than people think.
  • 00:41 They typically have this as a small allocation.
  • 00:43 It's not a big deal to them, their main investment to the S&P.
  • 00:46 So they're they're just going to be more tolerant of these drawdowns.
  • 00:49 So it's a good sign
  • 00:51 that they've kept the net flow year to date at 15 billion
  • 00:54 even during that drawdown.
  • 00:55 So if you can hold the line during a drawdown, that number should go up the next time there's a rally.
  • 01:00 Eric, we thank you so much for being with us today here.
  • 01:02 It's pretty incredible.
  • 01:03 You have Bitcoin ETF investors really still buying the dip even though you see really a $15,000 change in the price of Bitcoin
  • 01:13 from its peak.