US spot Bitcoin exchange-traded funds (ETFs) continued their winning streak, recording net inflows for the ninth consecutive trading day. Data from SoSoValue showed that Bitcoin ETFs attracted $66.2 million on Tuesday, lifting total net inflows during this period to approximately $3.1 billion. On a year-to-date basis, net inflows into US Bitcoin ETFs reached almost $1 billion.
Altcoin funds lose momentum
While spot Bitcoin ETFs drew consistent investor interest, Ether and Zcash funds experienced a shift. After seven straight days of inflows, US spot Ether ETFs registered net outflows of around $3 million on Tuesday. Over the previous seven sessions, these funds had accumulated more than $851 million, bringing total net inflows to roughly $14 billion.
Zcash ETFs also saw their momentum stall earlier in the week. On Monday, Zcash funds ended a six-day inflow run by posting $8 million in net outflows, signaling waning investor appetite for the privacy-focused token during the latest trading sessions.
Market sentiment and Bitcoin’s price
Bitcoin traded at approximately $83,567 at the time of publication, reflecting a 0.4% decline over the preceding 24 hours, based on CoinGecko data. Broader crypto market sentiment fell slightly, as the Crypto Fear & Greed Index, published by Alternative.me, dipped to 71 from 73 the previous day, but still indicated a “Greed” reading.
Commenting on the pause in Bitcoin’s rally, Kyle Rodda, senior financial market analyst at Capital.com, pointed to external macroeconomic factors. He stated that rising crude oil prices are weighing on non-yielding assets like Bitcoin, with energy-price risks potentially constraining BTC’s momentum in the short term.
Kyle Rodda observed that Bitcoin may struggle to regain upward momentum as energy prices continue to pose risks, but highlighted that the technical outlook for the leading cryptocurrency remains “quite constructive.”
Meme token frenzy and investor strategies
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