Key Takeaways
- US spot Bitcoin ETFs attracted over $1 billion in a week.
- Mt. Gox creditor repayments may present a buying opportunity for Wall Street.
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US spot Bitcoin exchange-traded funds (ETFs) have attracted over $1 billion in net inflows over the last week despite the bearish sentiment across the crypto 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 toward Bitcoin – dropped to 25 – the “extreme fear” zone on Friday.
The declining index score came as the price of Bitcoin (BTC) struggled to break the $60,000 mark for over a week, stagnating between the $57,000 – $58,000 level, TradingView’s data shows.
In the past week, the index remained below 30 until it hit 33 today as 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 influx over the past 5 weeks.
BlackRock’s IBIT led the pack with $120 million in daily inflows, followed closely by Fidelity’s FBTC with around $115 million.
The last time the US Bitcoin ETFs pulled in over $310 in daily inflows was June 5, when investors poured $488 million into these funds, SoSoValue’s data shows.
While investors actively invested in the US Bitcoin funds, the German government steadily moved their Bitcoin to several crypto platforms.
As reported by Crypto Briefing, on Friday, wallets reportedly owned by the German government completed moving $3 billion worth of Bitcoin to crypto exchanges and addresses suspected to be linked to OTC trading desks. Yet, it’s unknown whether the government is selling its BTC.
The majority of crypto investors are still bearish on the short-term future of Bitcoin as selling pressure from many whales and major entities continues to weigh on the market.
The current focus is on Mt. Gox creditor repayments, and Wall Street may take the opportunity to buy the dip.
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