The US Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) have been on a roll for a while now. BlackRock’s IBIT fund has been standing head and shoulders above the competition in recent days with its highest inflows in a long time. The results are notable, according to on-chain analytics firm Santiment, as optimism in the crypto market has taken a nosedive.
IBIT Bitcoin Fund Shines
The Bitcoin ETFs that launched in January are on an extremely strong run. Since July 5, the funds have taken in more capital than they have withdrawn every trading day. And the inflows have been pretty hefty. Last week, they took in more than $1 billion for the first time in over a month. This week, Monday and Tuesday combined saw more than $700 million.
BlackRock’s IBIT fund, the world’s largest Bitcoin ETF, has been outperforming the competition for a while now with excellent results. Data from Farside Investors shows that the fund saw its ninth consecutive day of inflows yesterday; $102.7 million to be exact. Across all funds, net inflows came to $84.8 million.
On seven of those nine days, net inflows exceeded the magic $100 million mark, a feat rarely achieved in the ETF industry.
BlackRock currently manages nearly $19 billion in capital for its sought-after Bitcoin ETF, giving it a multi-billion dollar “head start” over Grayscale’s GBTC fund.
BTC Sentiment Deteriorates, Says Santiment
According to research firm Santiment, the results of BlackRock, and the rest of the Bitcoin ETFs, are somewhat surprising. Yesterday, it wrote on social media platform X that crypto traders are anything but optimistic at the moment.
The number of positive comments about Bitcoin on social media has declined sharply in recent times and is currently only a third of what it was four months ago, Santiment’s chart shows.
According to Santiment, traders are now also taking short positions on Bitcoin more often, speculating on a decline in the Bitcoin price.
The results of Santiment are surprising since the Bitcoin price has made a strong advance this week. The well-known Bitcoin Fear & Greed Index has also rebounded from ‘extreme fear’ to the current zone of ‘greed’ in just a few days, which marks a clear turnaround in the market mood.
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Source: https://newsbit.nl/blackrocks-bitcoin-etf-schittert-ondanks-sombere-vooruitzichten/
