US-listed Bitcoin spot exchange-traded fund (ETFs), despite BTC’s surge above $74,000, recorded a negative day on Monday.
Spot BitcoinBTCOn Monday, ETFs saw a $291 million daily withdrawal. This is the highest amount since March 27, according SoSoValue Data
The Fidelity Bitcoin Fund led outflows with $229 million. according Farside data
Bitcoin surged by around 5% in value on Monday reach Outflows have halted an otherwise strong run for US Bitcoin exchange-traded funds. But the problem was concentrated on a few funds, not spread out evenly.
Divergence in the market could indicate a cautious position, as overall sentiment remains negative. some analysts say BTC could fall to $50,000 Before any sustained positive outcome.
BlackRock keeps up gains during a streak of four days inflows
Even though net ETF flows turned negative, certain funds continued to show gains in the last few trading sessions.
BlackRock reported approximately $35 million of inflows Monday. This brings the streak up to four consecutive days and totals $482 millions in inflows.
Morgan Stanley Bitcoin Trust ETF was another ETF that saw a 4-day streak of inflows. Since launching on April 8Around $68 Million in Inflows have been recorded.
Related: Crypto ETPs see $1.1B inflows, strongest gains since January
The new losses have brought spot Bitcoin ETFs back to a negative year-to date with approximately $160 million of outflows.
Altcoin ETF gains ground despite minor inflows
Altcoins managed to stay in the positive territory of inflows, despite starting off with modest inflows.
Spot EtherETHETFs recorded The inflow of $9.4million extends to three successive days with gains totaling around $160million.
The XRP currency (XRPSolana) Funds saw $1.5 million in inflows.SOL() did not record any inflows.
On Tuesday, the Crypto Fear & Greed Index rose The index is now above 20 for first time since 19 March, indicating a slight improvement in investor sentiment due to the soaring BTC price. The index, with a value of 21, remains below the 20 mark. “extreme fear” territory.
According Analysts at CryptoQuant say that even though underlying conditions are improving, a sustained upward trend would require new capital to return to the derivatives market. A rise in open interest is needed to prove the sustainability of this trend.
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Source: cointelegraph.com
