Bitcoin
US spot Bitcoin ETFs attracted over $1 billion in net inflows last week despite bearish sentiment across crypto markets
Main conclusions
- US spot Bitcoin ETFs have attracted over $1 billion in a week.
- Mt. Gox creditor payments could represent a buying opportunity for Wall Street.
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US spot Bitcoin exchange-traded funds (ETFs) attracted over $1 billion in net inflows last week despite bearish sentiment across cryptocurrency markets, with the Crypto Fear and Greed Index plunging to its lowest point since January 2023.
Data from Alternative.me shows that the Crypto Fear and Greed Index – a tool used to gauge overall investor sentiment in the cryptocurrency market, particularly towards Bitcoin – fell to 25 – the “extreme fear” zone on Friday.
The index’s declining score came as the price of Bitcoin (BTC) struggled to break the $60,000 mark for over a week, stagnating between the $57,000 and $58,000 level, according to TradingView. data show.
Last week, the index remained below 30 until reaching 33 today. Bitcoin Reclaims $60,000 Mark.
Despite the bearish momentum, US spot Bitcoin ETFs had a successful week. According to 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 led the pack with $120 million in daily inflows, closely followed by Fidelity’s FBTC with about $115 million.
The last time U.S. Bitcoin ETFs garnered more than $310 million in daily inflows was on June 5, when investors pumped $488 million into the funds, SoSoValue data shows.
While investors were actively investing in US Bitcoin funds, the German government was gradually transferring its Bitcoins to various cryptocurrency platforms.
As reported Per Crypto Briefing, on Friday, wallets allegedly owned by the German government completed moving $3 billion worth of Bitcoin to cryptocurrency exchanges and addresses suspected of being linked to OTC trading desks. However, it is not known whether the government is selling its BTC.
Most cryptocurrency investors are still bearish on Bitcoin’s short-term future as selling pressure from many whales and large entities continues to weigh on the market.
The current focus is on payments to Mt. Gox creditors, and Wall Street could seize the opportunity to buy the dip.
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