- BlackRock’s iShares Bitcoin Trust (IBIT) saw a $102.7M inflow, marking nine days of gains.
- Bitcoin’s RSI at 59 indicated strong bullish sentiment, despite recent negative sentiment trends.
On the 18th of July, the BlackRock-issued iShares Bitcoin [BTC] Trust (IBIT) saw an impressive inflow of $102.7 million.
This marked the ninth consecutive day of positive inflows, making IBIT the only spot Exchange Traded Fund (ETF) to achieve such a streak.
BlackRock’s increasing Bitcoin adoption
BlackRock also made headlines for purchasing over $1 billion worth of BTC this month, highlighting the increasing institutional adoption of Bitcoin.
Expanding on the same, Thomas Fahrer, co-founder of crypto data platform Apollo, said,
“Blackrock has purchased over $1B worth of #Bitcoin this month – Including $107M Today. That’s 18,600 #Bitcoin. This is a total acceleration of inflows.”
Source: Thomas/X
Drop in positive sentiment
Moreover, there has been a mid-sized crypto market bounce this week. However, this has had no impact on the positive sentiment around BTC, which has sharply declined compared to March.
This includes sentiments from social media platforms like Twitter, Reddit, BitcoinTalk, and 4chan.
That being said, in addition to the drop in positive sentiments, traders are increasingly also taking up short positions on the asset.
According to blockchain market intelligence firm Santiment,
“Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again. Both of these factors increase the likelihood of cryptocurrency rising.”
Source: Santiment/X
Long-term holders stand strong
In fact, at the time of writing, BTC was down 0.84%, trading at $64,304. However, the Relative Strength Index (RSI) at 59 indicates a strong bullish sentiment for the leading cryptocurrency.
Source: TradingView
This highlighted the confidence of long-term Bitcoin holders. On-chain analytics platform, IntoTheBlock highlighted it best when it noted,
“Long-term Bitcoin holders showed confidence last week, adding to their holdings despite fears about recent transactions involving Mt. Gox and the German government.”
Source: IntoTheBlock/X
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