Bitcoin exchange-traded funds (ETFs) gained over $1 billion in BTC in the previous three trading days, showing significant investor interest. Despite continuous market uncertainty, this remarkable inflow of funds occurs when the price of Bitcoin reaches $66,000.
According to Farside data, Investors reported significant inflows on Tuesday, with spot Bitcoin ETFs receiving a peak of $422.5 million monthly. BlackRock’s iShares Bitcoin Trust (IBIT) led this surge, attracting $260.2 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $61.1 million. BTC ETFs saw no outflows during this period, indicating robust investor confidence.
During this time, the Crypto Fear and Greed Index, which measures market sentiment toward Bitcoin, sank to 25, equal to “extreme fear” last Friday. BTC could not get above the $60,000 level this week, stuck between $57,000 and $58,000.
BlackRock’s IBIT attracted $120 million in daily inflows, leading the group, while Fidelity’s FBTC closely followed with approximately $115 million received. The United States BTC ETFs saw daily inflows of more than $310 was on June 5, when $488 million was invested in these funds.
Bearish Sentiment Dominates Bitcoin Market
Most cryptocurrency investors are still bearish about Bitcoin’s short-term prospects, as selling pressure from many whales and significant institutions weighs on the market. Repayment of Mt. Gox creditors is the present emphasis, and Wall Street could capitalize on an opportunity to purchase the decline.
The CEO of CryptoQuant, Ki Young Ju, observed how BTC holders behave on X, a platform that was initially Twitter. Custodial wallets gained 85,000 BTC over the last 30 days and often see no withdrawals. According to Ju, while some market participants are panic selling, others are capitalizing on the opportunity to buy.
Despite this, people fear that the same scenario will repeat in the case of the Mt. Gox repayments. Experts like Ju are uncertain, but possibilities suggest the situation may be more of a problem than expected. Ju stated:
“Since 2023, $224 billion in Bitcoin sold, yet price up 350%. Even if Mt. Gox’s $3 billion is sold on Kraken, it’s just 1% of the realized cap increase in this bull cycle — manageable liquidity.”
With the ongoing development of Mt. Gox, the problem again came up. The shutdown ended recently, sending 91,755 BTC (about $5.8 billion) to new wallets, which made investors nervous after Kraken advertised the allocation of BTC and BTC Cash (BCH) for ‘Mt—Gox’ collapse sufferers.
Related Reading: Bitcoin ETFs Surge With $143M Inflow Amid Market Volatility
