BlackRock’s spot Bitcoin exchange-traded fund (ETF) has continued to attract millions from investors since last Monday, despite a notable decrease in positive Bitcoin commentary.
The iShares Bitcoin Trust (IBIT), issued by BlackRock, recorded an additional $107 million in inflows on July 18, marking the ninth consecutive day of inflows, according to Thomas Fahrer, co-founder of crypto data platform Apollo.
Seven of those nine days saw inflows exceeding $100 million, an achievement rarely seen in the ETF industry.
However, crypto traders are displaying less optimism.
Positive Bitcoin commentary on social media has declined compared to four months ago, and traders are increasingly taking short positions on the asset, as reported by blockchain market intelligence firm Santiment.
“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week.
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“Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again.”
Santiment’s chart indicates that positive Bitcoin comments on social media are about a third of what they were four months ago.
Santiment typically measures social sentiment from platforms such as Reddit, X, 4chan, and BitcoinTalk.
Interestingly, Santiment noted a surge in “buy the dip” mentions for Bitcoin on these platforms at the start of the month when Bitcoin began approaching its near-five-month low of $53,600 on July 5.
Despite the decline in positive Bitcoin mentions, the Crypto Fear & Greed Index currently estimates market sentiment to be in the “Greed” zone, with a score of 60 out of 100.
This score represents a strong recovery from the “Extreme Fear” zone, which was reached on July 12 with a score of 25 out of 100, the lowest since January 2023.
Bitcoin is currently priced at $63,540, down 1.5% over the last 24 hours but up 11.5% over the past two weeks.
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