Markets
US Spot Bitcoin ETFs Attract Over $1 Billion in Net Inflows in a Week Despite Bearish Market Sentiment — TradingView News
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 decreasing score came as the price of Bitcoin (BTC) struggled to break the $60,000 mark for more than a week, stalling between the $57,000 and $58,000 level, TradingView data shows.
Last week, the index remained below 30 until reaching 33 today, when Bitcoin reclaimed the $60,000 mark.
Despite the bearish momentum, US spot Bitcoin ETFs recorded a successful week. According to data from 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 by Crypto Briefing, on Friday, wallets allegedly owned by the German government completed the movement of $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.