Bitcoin ETFs Lose $1.72B in Five-Day Outflow Streak

US-based spot Bitcoin exchange-traded funds (ETFs) have extended their outflow streak to five days as crypto market sentiment continues to wane.

Spot Bitcoin (BTC) ETFs posted $103.5 million in net outflows on Friday, continuing an outflow streak that began the previous Friday.

Over the five days, including the four-day trading week in the US shortened by Martin Luther King Jr. Day on Monday, total outflows reached approximately $1.72 billion, according to Farside data.

The spot price of Bitcoin is $89,160 at the time of publication, having not been above the psychological $100,000 price level since Nov. 13, according to CoinMarketCap.

Market participants often watch spot Bitcoin ETF flows to gauge retail investor sentiment and look for clues on where the trend might head for Bitcoin in the coming weeks.

The crypto market is in a “phase of uncertainty,” says Santiment

It comes as broader crypto market sentiment has been declining in recent times.

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “Extreme Fear” score of 25 in its update on Sunday.

Crypto sentiment platform Santiment said in a report on Saturday that the crypto market is in “a phase of uncertainty.”

“Retail traders are heading for the exits, while money and attention are flowing to more traditional assets,” Santiment said, arguing that a turnaround from the current downside may be a near-term possibility.

“At the same time, quieter signals like supply distribution and the lack of social chatter hint that a bottom may be taking shape,” Santiment said.

“The best move is probably patience.”

Meanwhile, global macro research company The Bitcoin Layer founder, Nik Bhatia, said in an X post on Saturday that the dwindling sentiment may be partly driven by recent surges in metal prices.