Despite the bearish market conditions, Bitcoin [BTC] ETFs witnessed promising inflows a few days ago. However, the trend changed over the...
Hence, it’s worth taking a closer look at what’s going on with ETFs, while also drawing a comparison with the state ofAccording to recent data, Bitcoin ETFs saw inflows worth $200 million on 8 August, which appeared optimistic. Alas, this trend didn’t last as the figures turned negative just the next day.
As per SoSoValue, BTC ETFs netflows dropped under -$90 million on 9 August. Here, it was interesting to note that while Blackrock increased its holdings, Grayscale chose to sell, according to Dune’sLike Bitcoin, Ethereum ETFs also witnessed a similar situation over the past few days. To be precise, ETH ETFs netflows reached $98 million on 6 August. However, the number dropped to -$15.7 million on 9 August.
Another optimistic metric was the volume, which dropped. A decline in the metric during a bear market indicates that the bearish trend might end soon. Additionally, Bitcoin’s whale transaction count also remained high last week, meaning that whales have been actively trading BTC.On the contrary, our look at Bitcoin’s daily chart revealed that its Relative Strength Index registered a downtick. The Money Flow Index went south too – A sign that BTC’s price might drop further.
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