CoinShares Report: Understanding Bitcoin Sentiment Shifts

How is Bitcoin Sentiment Changing, According to CoinShares?

For the third week in a row, net outflows from U.S. spot Bitcoin ETFs were $37.3 million last week. With $155 million leaving the higher-fee fund, Grayscale’s converted GBTC ETF led the outflows. Franklin Templeton’s EZBC and VanEck‘s HODL, with net weekly outflows of $17.3 million and $3.3 million, respectively, were next.

• For the third week running, net outflows from U.S. spot Bitcoin ETFs were $37.3 million, bringing the streak to a record $1.16 billion.
• James Butterfill, Head of Research at CoinShares, said there are indications that public opinion of bitcoin is shifting.

Last week, the remaining ETFs saw net inflows, with BlackRock’s IBIT drawing the largest amount at $82.4 million, all of which came in on Friday. Bitwise’s BITB placed third with $15 million, and Ark Invest’s ARKB came in second place with net weekly inflows of $26.3 million. There have been $14.5 billion in net inflows into the ETFs since trading started in January. The net weekly outflow streak for spot Bitcoin ETFs has now hit a record of $1.16 billion when adding last week’s flows. The Block’s statistics dashboard indicates that this is the biggest weekly outflow sequence since a four-week, $1.05 billion run between April 8 and May 6.

Bitcoin Starts to Rise Again Despite All the Negativity

But there are indications of a turning tide: from Tuesday to Friday of last week, ETFs saw daily net inflows of $137.2 million. The only day of last week’s net outflows was Monday, when $174.5 million was taken out of the market when bitcoin momentarily dropped below $60,000 due to the announcement that the now-defunct exchange Mt. Gox will be returning about $9 billion in bitcoin and bitcoin cash starting in July. But despite the news from Mt. Gox and the ongoing purchases of bitcoin that the German government has seized, the price has increased by 2.8% over the last week.

According to the most recent report from asset manager CoinShares, there were $30 million in net outflows from digital asset investment products globally last week. Nonetheless, CoinShares Head of Research James Butterfill noted that there are indications that the tide is shifting in favor of Bitcoin due to a “significant stemming” of recent outflows.

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