Despite a downturn in positive social media sentiment for Bitcoin, BlackRock\u2019s 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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\u2019s lower prices, despite the prevailing pessimism.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Despite a downturn in positive social media sentiment for Bitcoin, BlackRock\u2019s 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 […]<\/p>\n","protected":false},"author":10,"featured_media":2135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,43],"tags":[],"class_list":["post-10324","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-general-news"],"acf":[],"yoast_head":"\n