Bitcoin ETF loses $1.72 billion due to 5-day outflows

    Crypto AI Updates05 mins


    The streak of outflows in the U.S.-based spot Bitcoin exchange-traded fund (ETF) has been extended to five days as the crypto market continues to be depressed.

    The Spot Bitcoin (BTC) ETF recorded net outflows of $103.5 million on Friday, continuing a streak of outflows that began last Friday.

    Total outflows for the five-day period, which includes the four-day U.S. session shortened by Monday’s Martin Luther King Jr. Day, totaled about $1.72 billion, according to Pharcyde data.

    According to CoinMarketCap, the spot price of Bitcoin was $89,160 at the time of publication, and has not exceeded the psychological price level of $100,000 since November 13th.

    cryptocurrency
    Bitcoin has gained 2.40% in the past 30 days. sauce: coin market cap

    Market participants will closely monitor Bitcoin ETF spot flows to gauge retail investor sentiment and look for clues about where Bitcoin’s trend is headed in the coming weeks.

    Cryptocurrency market is in a “stage of uncertainty”, says Santiment

    This comes in response to the recent decline in sentiment across the cryptocurrency market.

    The Crypto Fear & Greed Index, which measures sentiment across the cryptocurrency market, posted an “extreme fear” score of 25 in Sunday’s update.

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    The index has been in “extreme fear” territory since Wednesday. sauce: alternative.me

    Crypto sentiment platform Santiment said in a report on Saturday that the crypto market is in a “stage of uncertainty.”

    “Retail traders are heading for the exit, while money and attention is flowing into more traditional assets,” Santiment said, arguing that a reversal from the current downturn may be possible in the short term.

    “At the same time, quieter signs such as supply distribution and lack of social conversation suggest a bottom may be forming,” Santiment said.

    “The best policy is probably patience.”

    Meanwhile, Nick Bhatia, founder of global macro research firm The Bitcoin Layer, said on Saturday’s XPost that the decline in sentiment could be partly due to the metal’s recent surge in prices.