The US Bitcoin spot ETFs gained almost $1 billion in a week despite adverse market sentiment

Bitcoin’s price has been unable to surpass $60,000 for the past week, remaining at $57,000 to $58,000.

Despite the adverse sentiment that has permeated the crypto markets, US spot Bitcoin exchange-traded funds (ETFs) have attracted over $1 billion in net inflows over the past week. The Crypto Fear and Greed Index has fallen to its lowest point since January 2023.

On Friday, the Crypto Fear and Greed Index, a metric utilized to assess the general sentiment of investors in the cryptocurrency market, with a particular emphasis on Bitcoin, fell to 25, which is classified as the “extreme fear” zone, according to data from Alternative.me.

TradingView’s data indicates that the price of Bitcoin (BTC) was unable to surpass the $60,000 threshold for more than a week, remaining at the $57,000–$58,000 level. Consequently, the index score experienced a decline.

The index was below 30 for the previous week, but it reached 33 today as Bitcoin regained the $60.000 mark.

Despite the adverse trajectory, US spot Bitcoin ETFs had a successful week. On Friday, US spot Bitcoin ETFs experienced a $310 million inflow, the largest daily influx in the past five weeks, as per data from SoSoValue.

The daily inflows of BlackRock’s IBIT were $120 million, while Fidelity’s FBTC was approximately $115 million.

SoSoValue’s data indicates that the most recent instance of a US Bitcoin ETF receiving over $310 in daily inflows was on June 5, when investors invested $488 million in these funds.

In contrast to the German government, which methodically transferred its Bitcoin to number of crypto platforms, investors were actively investing in US Bitcoin funds.

Crypto Briefing reported that on Friday, wallets purportedly owned by the German government successfully transferred $3 billion in Bitcoin to crypto exchanges and addresses that are suspected to be associated with OTC trading platforms. Nevertheless, it is uncertain whether the government is disposing of its Bitcoin.

In the short term, the majority of crypto investors remain pessimistic about the future of Bitcoin due to the ongoing selling pressure from multiple billionaires and significant entities.

Wall Street may capitalize on the opportunity to “purchase the decline” as the current focus is on Mt. Gox creditor repayments.

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