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Bitcoin ETFs Face Heavy Outflows While Fear & Greed Index Turns Bearish
Bitcoin ETFs – The cryptocurrency market faced a wave of outflows this week, with Bitcoin exchange-traded funds (ETFs) leading the retreat. According to data from SoSoValue, Bitcoin ETFs recorded a staggering $471 million in outflows on October 29, while spot Ethereum ETFs saw another $81.4 million pulled out by investors.
Bitcoin Sentiment Turns Bearish
The shift in investor sentiment was clearly reflected in the “Fear & Greed Index”, which plunged from 51 points (neutral) to 34 points, marking a sharp return to the “fear” zone. The drop signals rising uncertainty and declining confidence across the crypto landscape.
Adding to the tension, Bitcoin’s price fell to an intraday low of $108,201 earlier on Thursday, erasing hopes for a late-October rebound. Despite the pullback, some market participants remain cautiously optimistic, noting that Bitcoin continues to trade well above the $100,000 mark, a level that still represents significant long-term strength for the asset.
Ethereum ETFs Also Hit Hard — Except One
While most crypto ETFs struggled, one product stood out. BlackRock’s Ethereum ETF (ETHA) defied the broader trend, emerging as the only fund to stay in positive territory on Saturday. The ETF managed to post $21.7 million in inflows, underscoring persistent institutional interest in Ethereum despite the overall market weakness.
In contrast, BlackRock’s Bitcoin ETF (IBIT) recorded $88 million in outflows during the same period. Nevertheless, IBIT remains a dominant force in the ETF market, boasting a massive $89 billion in net assets, compared to ETHA’s $15.8 billion.
Fearful Market, Strong Foundations
Although the current market sentiment reflects intense fear, some analysts view it as a potential setup for long-term accumulation. With Bitcoin holding above $100,000 and selective Ethereum products still attracting capital, the crypto market may be entering a new phase of cautious consolidation.
