Interest in Bitcoin ETFs has surged again, despite retail investors exiting the cryptocurrency market. Analytics platform Santiment reports increased inflows to ETFs, which may impact market dynamics.
Increase in Institutional Inflows
Recently, there has been an increase in inflows into Bitcoin ETFs, amounting to $23.3 million for the day. While this figure is small compared to previous large inflows, it marks a reversal of the trend of outflows seen over the past week. Notably, BlackRock leads with an inflow of $169.5 million, offsetting outflows from other funds such as Fidelity and ARK 21Shares.
Anticipated Dogecoin ETF
Developers are predicting the launch of a new Rex-Osprey DOGE ETF this week. According to Bloomberg expert Eric Balchunas, this may be the first US ETF designed to hold an asset with intentionally no utility. The discussion around this market is attracting investor attention.
Change in Retail Traders' Sentiment
According to Santiment, retail traders are beginning to show pessimism, anticipating declines in Bitcoin and Ethereum prices. The Fear and Greed Index sits at 49, indicating uncertainty among traders. Experts note that such sentiments may indicate a potential move against the general public opinion.
The return of investments into Bitcoin ETFs, along with the anticipated launch of the Dogecoin ETF, could be significant events for the market. The dynamics of sentiment among traders also require careful analysis, as they may change the market's course.
