💥💥💥 US Bitcoin ETFs Attract Over $1 Billion in Net Inflows Amidst Bearish Market Sentiment 📉

In a surprising twist, US spot Bitcoin exchange-traded funds (ETFs) have garnered over $1 billion in net inflows over the past week, defying the prevalent bearish sentiment in the crypto markets. The Crypto Fear and Greed Index, which gauges overall investor sentiment towards Bitcoin, plunged to its lowest level since January 2023, hitting 25—an "extreme fear" zone—as of Friday.

According to data from Alternative.me, this drop in sentiment coincided with Bitcoin's struggle to break the $60,000 mark, with its price stagnating between $57,000 and $58,000, according to TradingView. The index remained below 30 for most of the week before rising to 33 today as Bitcoin managed to reclaim the $60,000 level.

Despite the negative market sentiment, US spot Bitcoin ETFs had a robust week. Data from SoSoValue reveals that US spot Bitcoin ETFs saw $310 million in inflows on Friday alone, marking the highest daily influx in the past five weeks. BlackRock’s IBIT led the pack with $120 million in daily inflows, followed closely by Fidelity’s FBTC, which saw approximately $115 million.

The last time US Bitcoin ETFs recorded such high daily inflows was on June 5, when they attracted $488 million, according to SoSoValue.

While US investors were actively putting money into Bitcoin ETFs, the German government was reportedly transferring substantial amounts of Bitcoin. As reported by Crypto Briefing, the German government moved $3 billion worth of Bitcoin to crypto exchanges and addresses suspected to be linked to OTC trading desks. It remains unclear whether the government is selling its Bitcoin.

Most crypto investors remain bearish on Bitcoin's short-term prospects due to ongoing selling pressure from whales and major entities. With Mt. Gox creditor repayments in focus, Wall Street might seize the opportunity to buy the dip.

Source: cryptobriefing.com

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