Key Takeaways:
- BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107 million in inflows on July 18, with nine consecutive days of inflows.
- Despite decreased positive Bitcoin commentary on social media and increased shorting, “buy the dip” mentions have surged.
- The Crypto Fear & Greed Index shows a sentiment in the “Greed” zone with a score of 60, indicating a rebound from a recent low.
Despite a bearish outlook for Bitcoin, BlackRock’s Bitcoin ETF investors continue to buy.
The iShares Bitcoin Trust (IBIT) saw $107 million in inflows on July 18, marking nine consecutive days of inflows, with seven days exceeding $100 million.
JUST IN: Blackrock has purchased over $1B worth of #Bitcoin this month – Including $107M Today.
— Thomas | heyapollo.com (@thomas_fahrer) July 18, 2024
That's 18,600 #Bitcoin
This is a total acceleration of inflows 🚀 pic.twitter.com/nPptlIyEvX
This sustained investment comes despite a significant drop in positive Bitcoin commentary on social media, which is now just a third of what it was four months ago.
Traders are increasingly shorting Bitcoin, expecting further declines.
However, mentions of “buy the dip” have surged, and the Crypto Fear & Greed Index indicates market sentiment is in the “Greed” zone with a score of 60, rebounding from a recent low.
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