US-based spot Bitcoin exchange-traded funds (ETFs) have extended their outflow streak to five days as crypto market sentiment continues to wane.
Spot Bitcoin (BTC) ETFs posted $103.5 million in net outflows on Friday, continuing an outflow streak that began the previous Friday.
Over the five days, including the four-day trading week in the US shortened by Martin Luther King Jr. Day on Monday, total outflows reached approximately $1.72 billion, according to Farside data.
The spot price of Bitcoin is $89,160 at the time of publication, having not been above the psychological $100,000 price level since Nov. 13, according to CoinMarketCap.
Bitcoin is up 2.40% over the past 30 days. Source: CoinMarketCapMarket participants often watch spot Bitcoin ETF flows to gauge retail investor sentiment and look for clues on where the trend might head for Bitcoin in the coming weeks.
The crypto market is in a “phase of uncertainty,” says Santiment
It comes as broader crypto market sentiment has been declining in recent times.
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “Extreme Fear” score of 25 in its update on Sunday.
The Index has been in “Extreme Fear” territory since Wednesday. Source: alternative.meCrypto sentiment platform Santiment said in a report on Saturday that the crypto market is in “a phase of uncertainty.”
“Retail traders are heading for the exits, while money and attention are flowing to more traditional assets,” Santiment said, arguing that a turnaround from the current downside may be a near-term possibility.
“At the same time, quieter signals like supply distribution and the lack of social chatter hint that a bottom may be taking shape,” Santiment said.
Meanwhile, global macro research company The Bitcoin Layer founder, Nik Bhatia, said in an X post on Saturday that the dwindling sentiment may be partly driven by recent surges in metal prices.
“With gold practically $5,000 and silver at $100, the sentiment in Bitcoin is so poor due to being left out of the metals rally that it almost feels like post-FTX $17,000 bear vibes,” Bhatia said.
Related: Bitcoin nodes running BIP-110 crosses 2% as spam wars heat up
“I am bullish but the painful type where fear dominates and you have to push through it,” Bhatia added.
Crypto analyst Bob Loukas said that “sentiment is in the gutter and we could argue overdue some type of strong countertrend rally.”
Magazine: A ‘tsunami’ of wealth is headed for crypto: Nansen’s Alex Svanevik
Source: https://cointelegraph.com/news/bitcoin-etfs-outflow-streak-crypto-sentiment-down?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
