Investors in BlackRock’s BTC ETF continue to buy despite a ‘congested’ view of Bitcoin.
Bitcoin exchange-traded fund BlackRock has continued to raise millions from investors since last Monday, despite a sharp drop in positive Bitcoin sentiment.
BlackRock-backed iShares Bitcoin Trust (IBIT) saw another $107 million in inflows on July 18 — marking the ninth straight day of inflows, according to Thomas Fahr, founder of crypto data platform Apollo.
Seven out of nine days flow more than $100 million, a feat rare in the ETF industry.
However, crypto traders are not so optimistic. The amount of positive Bitcoin (BTC) opinion on social networks has decreased compared to four months ago, traders are increasing short positions in the asset, blockchain market data company Santiment.
“Positive sentiment on Bitcoin has fallen despite a mid-cap crypto market rally this week. Many traders, especially on @binance, are opening shorts in anticipation of BTC falling again.”
The amount of positive Bitcoin comments on social media is about a third of what it was four months ago, the sentiment chart shows.
Santiment typically measures social sentiment from social networks such as Reddit, X, 4chan, and BitcoinTalk.
Interestingly, Sentiment noted a “buy dip” in Bitcoin on these platforms at the start of the month, when Bitcoin began falling to a low of nearly $53,600 on July 5.
Related: Ethereum Outpaces Bitcoin After ETF Launch – K33 Research
Despite the drop in positive Bitcoin quotes, the Crypto Fear and Greed Index estimates that market sentiment is currently in the “Greed” zone at 60 out of 100 points.
The current score is a strong recovery from the “extreme fear” zone reached on July 12 with a score of 25 out of 100 – the lowest since January 2023.
Bitcoin is currently trading at $63,540, down 1.5% over the past 24 hours, but up 11.5% over the past two weeks.
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