Investors getting more bearish on Bitcoin spot ETFs
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While BlackRock’s IBIT stood at net zero daily inflow, and Fidelity’s FBTC saw a significant outflow of almost $149 million. Simultaneously, Bitwise’s BITB saw an outflow of $30 million. These figures show the ongoing negative sentiment among institutional investors as they have been sitting on the sidelines.
Meanwhile, the current total net asset value of Bitcoin spot ETFs is around $50 billion. While it is a big number considering the fact that these ETFs went live in January, there has not been any significant growth lately. This stagnant growth of Bitcoin ETFs has hampered crypto market growth as bearish sentiment is prevailing.is currently down 4.74% over the last seven days, and it is trading at $56,672, as mentioned above.
Furthermore, there were $39.53 million liquidations of Bitcoin over the last 24 hours. Out of the total, $27.55 million were in long liquidations, and investors with long positions were hard hit during this time. Overall, Bitcoin is in an extended consolidation period, and the chances of a trend reversal are grim for the time being.
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