Altcoins see another week of rocky trading, while traders are viewing Bitcoin price dips as a buying opportunity, as seen from the fresh inflows into the spot Bitcoin ETFs.
Bitcoin (BTC) remains stuck in a large range, but the bulls are trying to maintain the price above $60,000. This is a positive sign as it shows the bulls are not waiting for the price to dip to $56,552 before buying. According to Farside Investors data, the spot Bitcoin exchange-traded funds (ETFs) seem to have turned the corner as they attracted net inflows in the past three days.
However, the range-bound action of the past few months and the failure to break out to a new high above $73,777 has resulted in a drop in bullish sentiments across major social media platforms over the past few weeks, per Santiment data. The drop in trader euphoria could be signaling a market bottom, added the crypto analytics firm.
Along with Bitcoin, select analysts are turning positive on Ether. Bitwise chief investment officer Matt Hougan said in a post on X that spot Ether ETFs could attract $15 billion in net inflows within 18 months of their launch.