The Santiment report reveals that positive Bitcoin commentary on social media has significantly decreased compared to four months ago. Despite this trend, the BlackRock-issued iShares Bitcoin Trust (IBIT) has been experiencing consistent inflows from investors, receiving $107 million in investments on July 18. This marks the ninth consecutive day of inflows, with seven of those days seeing over $100 million coming in, a rare achievement in the ETF industry.
While investors continue to show interest in the IBIT, cryptocurrency traders are displaying a more cautious approach. According to Santiment, traders are increasingly taking short positions on Bitcoin as the amount of positive commentary on social media has decreased. However, despite the decline in positive mentions, the Crypto Fear and Greed Index indicates that market sentiment remains in the “Greed” zone, after a recent drop into the “Extreme Fear” zone on July 12.
Bitcoin’s current price is at $63,540, reflecting a 1.5% decrease over the last 24 hours but a significant 11.5% increase over the last two weeks. This volatility in sentiment and market movement showcases the ongoing fluctuations in the cryptocurrency space.
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