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$1.26 billion Bitcoin ETF outflows spark ‘contrarian’ buy signal: Santiment

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Ongoing Bitcoin ETF outflows have historically “correlated with conditions favorable for patient accumulation rather than panic," according to Santiment.

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Summary

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. The view contrasts with the broader crypto market narrative, where consecutive days of outflows from spot Bitcoin ETFs are often seen as a bearish signal and a sign of weakening retail sentiment that could point to further downside.

Read full article at Cointelegraph →

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