$1.26B Bitcoin ETF outflows spark ‘contrarian’ buy signal: Santiment
Ongoing Bitcoin ETF outflows have historically “correlated with conditions favorable for patient accumulation rather than panic,” according to Santiment.
The recent streak of outflows from US-based spot Bitcoin ETFs, totaling more than $1 billion over the past trading week, suggests a potential buying opportunity for the world’s largest cryptocurrency, according to crypto sentiment platform Santiment.
“Santiment’s analysts read these flows as a counter-indicator, since ETFs disproportionately reflect retail conviction rather than smart money positioning,” Santiment said in a report on Friday.
Santiment said retail investors were losing patience after Bitcoin (BTC) failed to hold above $80,000 in May. Bitcoin is trading at $75,410 at the time of publication, after reaching as high as $79,052 on May 16, according to CoinMarketCap.