Sentiment Check: Investors Add To Their Bitcoin Positions, $126M In Net Inflows

Bitcoin approaches a critical level of resistance as it was finally able to break its downside price action. The cryptocurrency stills face numerous headwinds if it wants to reclaim previous highs, but some clues point to potential short-term relief. Related Reading | Ethereum Single-Day Liquidations Reach Three-Year High As Price Breaks $1,900 At the time of writing, the benchmark cryptocurrency trades at $31,400 with a 5% profit in the last 24-hours and a 6% profit in the past week. This has been one of the best trading sessions for BTC’s price in the past week and suggests a potential change in market sentiment. Meltem Demirors, Chief Strategy Officer at investment firm CoinShares, recently shared new data about the general sentiment across the market. As BTC’s price tumbled to $24,000, the sentiment has favored the bears. However, CoinShares has recorded an increase in net inflows for publicly traded Bitcoin products. These investment vehicles saw $126 million in inflows last week alone and suggest investors have been turning more bullish. Demirors said: (…) with 2 consecutive weeks of net inflows across all crypto products, investors are buying the dip. This uptick in BTC market sentiment contrast with the one recorded for Ethereum (ETH). The second crypto by market cap has been recording severe losses. Investors seem to be fleeing to Bitcoin due to the uncertainty surrounding the macro-economic outlook, and uncertai...