US Bitcoin Exchange Traded Funds (ETFs) have extended their streak of outflows to five days as crypto market sentiment continues to deteriorate.
Spot Bitcoin ETFs (BTC) recorded net outflows of $103.5 million on Friday, continuing a streak of outflows that began the previous Friday.
Over five days, including a four-day trading week in the US shortened by Martin Luther King Jr. Day. on Monday, total outflows reached about $1.72 billion. According to to Farside data.
Bitcoin’s spot price at the time of publication is $89,160, which means it has not broken above the psychological price level of $100,000 since November 13, According to to CoinMarketCap.
Market participants often watch the flows of spot Bitcoin ETFs to gauge retail investor sentiment and look for clues as to where Bitcoin may trend in the coming weeks.
The cryptocurrency market is in a “phase of uncertainty,” says Santiment
This comes as sentiment in the broader cryptocurrency market has deteriorated recently.
Crypto fear and greed Indexwhich measures overall cryptocurrency market sentiment, posted an “Extreme Fear” score of 25 in its Sunday update.
Santiment Crypto Sentiment Platform he said in Saturday’s report that the cryptocurrency market is in a “phase of uncertainty.”
“Retail traders are heading for the exits while money and attention are turning to more traditional assets,” Santiment said, arguing that a reversal of the current downtrend may be possible in the near future.
“At the same time, quieter signals, such as the distribution of supplies and the lack of social chatter, indicate that a bottom may be taking shape,” Santiment said.
“The best move is probably to be patient.”
Meanwhile, global macroeconomic research firm Bitcoin Layer founder Nik Bhatia he said in a Saturday post on X that the weakening sentiment may be partly due to the recent increases in metal prices.
“With gold practically at $5,000 and silver at $100, sentiment on Bitcoin is so weak due to its exclusion from the metals rally that it almost feels like there is a bearish atmosphere after $17,000 FTX enters the market,” Bhatia said.
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“I’m stubborn, but it’s a painful type where fear dominates and you have to push through it,” Bhatia added.
Crypto analyst Bob Loukas he said that “sentiment is going to the gutter and we could argue that we are overdue for some kind of strong counter-trend growth.”
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