Despite a downturn in positive social media sentiment for Bitcoin, BlackRock’s spot Bitcoin exchange-traded fund (ETF) is still attracting significant investment. The iShares Bitcoin Trust (IBIT) saw inflows of $107 million on July 18, marking the ninth consecutive day of positive cash flow, according to Thomas Fahrer, co-founder of crypto data platform Apollo.
Sustained Investment Inflows
Over the past nine days, the IBIT experienced seven instances of inflows surpassing $100 million, a rare occurrence in the ETF industry. This consistent investment demonstrates strong institutional interest, even as the broader crypto market faces mixed sentiment.
Decline in Positive Bitcoin Sentiment
Blockchain market intelligence firm Santiment reported a substantial drop in positive Bitcoin commentary on social media. The volume of positive comments is now just a third of what it was four months ago. This decline comes as many traders, especially on platforms like Binance, adopt short positions, anticipating further declines in Bitcoin’s value.
Santiment tracks social sentiment across various platforms, including Reddit, X (formerly Twitter), 4chan, and BitcoinTalk. Their data indicates that despite a recent market bounce, the overall mood among traders remains cautious.
“Buy the Dip” Sentiment
Interestingly, Santiment observed a spike in “buy the dip” mentions at the beginning of July when Bitcoin’s price dropped toward a near-five-month low of $53,600 on July 5. This trend suggests that some investors see value in Bitcoin’s lower prices, despite the prevailing pessimism.
Market Sentiment and Price Movements
The Crypto Fear and Greed Index, which measures market sentiment, currently places it in the “Greed” zone with a score of 60 out of 100. This is a significant rebound from the “Extreme Fear” zone it reached on July 12, when the score was 25 out of 100, the lowest since January 2023.
As of now, Bitcoin is priced at $63,540, reflecting a 1.5% drop over the last 24 hours but an 11.5% increase over the past two weeks.
