BlackRock's spot Bitcoin exchange-traded fund (ETF) continues to draw substantial investment, despite a fall in bullish sentiment.
BlackRock's spot Bitcoin exchange-traded fund (ETF) continues to draw substantial investment, despite a fall in bullish sentiment. Since last Monday, the BlackRock-issued iShares Bitcoin Trust (IBIT) has amassed millions from investors, showcasing strong and consistent inflows. On July 18 alone, the iShares Bitcoin Trust saw an impressive $107 million in inflows, marking the ninth consecutive day of such investments. Remarkably, seven of these nine days recorded flows exceeding $100 million.
However, this influx of capital into BlackRock's Bitcoin ETF contrasts sharply with the sentiment observed among crypto traders. Market intelligence firm Santiment reported a significant drop in positive Bitcoin commentary on social media compared to four months ago. Concurrently, a growing number of traders are taking short positions on Bitcoin, anticipating further price declines.
“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week. Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again,” Santiment noted.
Despite the decline in positive mentions, the broader market sentiment remains relatively optimistic. The Crypto Fear and Greed Index, a metric that gauges market sentiment, currently positions the market in the "Greed" zone with a score of 60 out of 100. This represents a significant rebound from the "Extreme Fear" zone, where it scored 25 out of 100 on July 12, the lowest level since January 2023.
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