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US Spot Bitcoin ETFs Attract Over $1 Billion in Net Inflows Last Week Despite Bearish Sentiment in Cryptocurrency Markets
Key points to remember
- US spot Bitcoin ETFs attracted over $1 billion in one week.
- Mt. Gox creditor repayments could present a buying opportunity for Wall Street.
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Bitcoin spot exchange-traded funds (ETFs) in the United States attracted more than $1 billion in net inflows over the past week, despite bearish sentiment in cryptocurrency markets, with the Crypto Fear and Greed Index plunging to its lowest point since January 2023.
Data Alternative.me’s Crypto Fear and Greed Index – a tool used to gauge overall investor sentiment in the cryptocurrency market, particularly toward Bitcoin – fell to 25 – the “extreme fear” zone on Friday.
The index’s decline came as the price of Bitcoin (BTC) has struggled to break above $60,000 for more than a week, stalling between the $57,000 and $58,000 levels, according to TradingView. data watch.
Over the past week, the index has remained below 30 until reaching 33 today. Bitcoin has regained the $60,000 mark.
Despite the bearish momentum, US spot Bitcoin ETFs had a successful week. data According to SoSoValue, on Friday alone, US spot Bitcoin ETFs saw $310 million in inflows, marking the largest daily inflow in the past 5 weeks.
BlackRock’s IBIT leads the way with $120 million in daily inflows, followed closely by Fidelity’s FBTC with around $115 million.
The last time U.S. Bitcoin ETFs generated more than $310 in daily inflows was on June 5, when investors poured $488 million into the funds, SoSoValue data shows.
While investors were actively investing in US Bitcoin funds, the German government was gradually moving its Bitcoins to multiple crypto platforms.
As reported According to Crypto Briefing, on Friday, wallets belonging to the German government transferred $3 billion worth of bitcoin to cryptocurrency exchanges and addresses suspected of being linked to over-the-counter trading desks. However, it is unclear whether the government is selling its bitcoins.
The majority of cryptocurrency investors are still pessimistic about the short-term future of Bitcoin as selling pressure from many whales and major entities continues to weigh on the market.
Current attention is focused on Mt. Gox creditor repayments, and Wall Street may take the opportunity to buy the dip.
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