U.S.-based spot Bitcoin exchange-traded funds (ETFs) have extended their outflow streak to five consecutive days, reflecting weakening sentiment across the cryptocurrency market.
Spot Bitcoin ETFs recorded net outflows of $103.5 million on Friday, continuing a selling trend that began the previous week. Over the five-day period, which included a shortened U.S. trading week due to the Martin Luther King Jr. Day holiday, total outflows reached roughly $1.72 billion, according to data from Farside.
Bitcoin was trading around $89,160 at the time of publication and has failed to reclaim the key $100,000 psychological level since November 13, based on figures from CoinMarketCap.
ETF flows are closely monitored by market participants, as they are often used as a proxy for retail investor sentiment and can provide early signals about Bitcoin’s short-term price direction.
Market sentiment stuck in “Extreme Fear”
The extended ETF outflows come as overall crypto sentiment remains deeply negative. The Crypto Fear & Greed Index has stayed in the “Extreme Fear” zone since Wednesday, highlighting persistent caution among investors.
Crypto analytics platform Santiment said in a recent report that the market is currently in a “phase of uncertainty.” According to the firm, retail traders appear to be reducing exposure, while capital and attention are shifting toward more traditional assets.
Santiment noted that despite the ongoing downside pressure, quieter indicators such as supply distribution and reduced social media activity could suggest that a potential market bottom is forming. The firm added that patience may be the most prudent approach in the current environment.
Metals rally weighs on Bitcoin sentiment
Adding to the cautious mood, Nik Bhatia, founder of The Bitcoin Layer, said fading sentiment may partly stem from Bitcoin lagging behind the recent surge in precious metals.
With gold trading near $5,000 per ounce and silver approaching $100, Bhatia said Bitcoin sentiment has deteriorated sharply, drawing comparisons to post-FTX market conditions. Despite the pessimism, he said he remains bullish, describing the current phase as one dominated by fear.
Crypto analyst Bob Loukas echoed similar views, saying sentiment is extremely depressed and that the market may be overdue for a strong countertrend rally.
