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Bitcoin’s $767M ETF Outflows and Crowd’s Shifting Excitement
According to recent reports, the world of cryptocurrencies has witnessed a significant outflow of $3.56 billion in February, followed by another selloff of $767 million in March, marking its second-largest withdrawal after the earlier mentioned month-long drop. This data comes from SoSoValue, which provides insights into the digital assets’ market trends.
Despite this trend, Bitcoin’s price has still managed to register a 1.2% rise within the first 24 hours of the month. At press time, the cryptocurrency is trading at around $83,000, with the broader crypto market witnessing an upward trajectory.
However, data from Santiment reveals that Bitcoin’s price has reacted in direct opposition to the crowd’s sentiment over the past week. On March 23 and 25, the community exhibited bullish sentiments, which were met with immediate corrections in the asset’s value. Similarly, when the community turned bearish on March 29, there was a brief surge.
As can be seen from Santiment’s tweet, Bitcoin started the month with positive sentiment before people got overexcited and began calling for prices to reach $100K+. The platform warns that history has shown that it is at this point where the market tends to correct itself before breaking new records.
Source: https://www.coinspeaker.com/bitcoin-767m-etf-outflows-crowd-shifting-excitement/
