YEREVAN (CoinChapter.com) — BlackRock’s spot Bitcoin exchange-traded fund (ETF) continues to draw important investor curiosity regardless of a lower in optimistic Bitcoin commentary on social media. The iShares BTC Belief (IBIT) noticed one other influx of $107 million on July 18. This marks the ninth consecutive day of inflows, in accordance with Thomas Fahrer, co-founder of crypto information platform Apollo.

Seven out of those 9 days had inflows exceeding $100 million, which is uncommon within the ETF trade. This reveals that traders are nonetheless assured in Bitcoin’s long-term worth, whilst short-term sentiment declines.

Declining Bitcoin Sentiment Spurs Warning Amongst Merchants

Whereas BlackRock’s BTC ETF attracts funds, the broader market sentiment is much less optimistic. Blockchain market intelligence agency Santiment experiences that optimistic commentary in the direction of Bitcoin on social media has considerably declined. Feedback on platforms like Reddit, X, 4chan, and BitcoinTalk are actually a couple of third of what they had been 4 months in the past.

“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week. Many traders, particularly on Binance, are opening shorts with the expectation of BTC dropping again,”

Santiment reported.

This reveals a rising warning amongst retail merchants, who’re taking brief positions on BTC, anticipating additional price declines.

BTC Sentiment and Market Metrics: From Concern to Greed

Regardless of the downturn in optimistic sentiment, there was an increase in “buy the dip” mentions on social media. This development began initially of the month when Bitcoin’s price dropped to a close to five-month low of $53,600 on July 5.

The Crypto Concern & Greed Index presently locations market sentiment within the “Greed” zone, with a rating of 60 out of 100. It is a sturdy rebound from the “Extreme Fear” zone recorded on July 12, which noticed a rating of 25 out of 100 – the bottom since January 2023.

Bitcoin is presently priced at $63,757.69. This represents a 2.41% drop during the last month. The market cap is $1,257,791,234,464, exhibiting a 1.40% lower. The 24-hour buying and selling quantity is $27,117,622,529, down by 10.68%.