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Crypto market sentiment continues to wane as US-based spot Bitcoin exchange-traded funds (ETFs) have extended their outflow streak to five days.
ETFs posted $103 from Spot Bitcoin (BTC) ETRs. Outflow streak 5 million in net outflows on Friday, a continuation of an out flow pattern that began the previous Friday morning was continued by Bob McDonnell.
In the five days, including the four-day trading week in the US shortened by Martin Luther King Jr. over the course of the 5 days that followed up with s “It’s been my trade week for all day.” Total flows were around $1 on Monday for Day outflows, according to . farside data, with 72billion s.
Bitcoin has not been above the psychological $100,000 price level since Nov, and its spot price is $89,160 at the time of publication. According to CoinMarketCap, 13.
Bitcoin is up 2.40% over the past 30 days. Source: CoinMarketCap
Watching spot Bitcoin ETF flows are a common market participants’ watch to gauge retail investor sentiment and look for clues as to where the trend might be heading 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.
On Sunday, the Crypto Fear & Greed Index, which measures sentiment in general crypto markets, posted an “Extreme Fear” score of 25 in its update.
The Index has been in “Extreme Fear” territory since Wednesday. Source: alternative.me
Crypto sentiment platform Santiment said in a report on Saturday that the crypto market is in “a phase of uncertainty.”
Santiment said that’retail traders are heading for the exits, money and attention are going to more traditional assets.’ A turnaround from the current downside could be a ‘near-term possibility’.
Santiment said ‘At the same time, quieter signals such as supply distribution and lack of social chatter suggest that a bottom may be developing.
“The best move is probably patience.”
In a statement in an X post on Saturday, Nik Bhatia of global macro research company The Bitcoin Layer said that the “dwindling sentiment” may be partly driven by recent surges in metal prices.
Bhatia said ‘It is so bad that the sentiment in Bitcoin, being left out of the metals rally which almost feels like post-FTX $17,000 bear vibes with gold practically $5,000 and silver at $100, has been such a poor one.
“I am bullish but the painful type where fear dominates and you have to push through it,” Bhatia added.
But “sentiment is in the gutter,” Crypto analyst Bob Loukas said, adding that we could overdue some form of strong countertrend rally. – ’.
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