Bitcoin ETF Outflows Hit $550 Million: Will the BTC Bull Run Suffer?

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After closing the last four days in a bearish outlook, Bitcoin (BTC) price has significantly slowed down in the initial bullish momentum towards the much-hyped target of $100k. Moreover, the flagship coin has consistently closed below the previously established support level of $95k.

Is the rally losing steam?

Investor Sentiment Shifts

While Bitcoin’s dominance has weakened, altcoins are showing signs of a bullish trend. On the daily chart, Bitcoin continues to form higher highs, but the Relative Strength Index (RSI) is showing a bearish divergence, which suggests the momentum may be fading.

This could indicate that more investors are turning their attention to altcoins, fueling a rotation of capital within the crypto market.

Bitcoin’s price peak at $99.5k last week saw investor sentiment reach extreme greed, with the sentiment index hitting 93%. However, that has since dropped to about 75%, suggesting that while greed still dominates, it’s not as intense as before. Over the past two days, the US spot BTC ETFs experienced significant outflows, totaling more than $550 million.

US Spot BTC ETFs Are Bleeding

On Tuesday, Bitcoin’s spot ETF issuers saw a net outflow of roughly $122 million. BlackRock’s IBIT saw no net change, while Fidelity’s FBTC and Grayscale’s GBTC experienced the biggest outflows of $95 million and $36 million, respectively.

On the positive side, Bitwise’s BITB and Grayscale’s BTC were the only funds with inflows, attracting $6.47 million and $4.84 million.

Altcoins Take the Lead

#Bitcoin is still playing out incredibly similar to the end of last year.

Broke free from the chop range, rallied, and now chopping below resistance, maintaining higher lows.

Hold on tight – higher soon.