BTC Spot ETF GBTC sees $3.02 billion in net outflows overnight, sparking a turnaround in crypto market sentiment?

"The Grayscale Bitcoin Spot ETF (GBTC) saw net outflows of $326 million on Monday (local time)," Bloomberg ETF analyst James Seyffart told X. "We thought the GBTC outflows had slowed recently, but this was larger than we expected. "We thought GBTC outflows had slowed recently, but this is larger than expected," he added. According to global cryptocurrency price aggregator Coinmarketcap, the price of bitcoin is in a precarious position, hovering around $69,000 as of Feb. 2. Bitcoin had previously hit an all-time high of $73,750.07 on April 14th.

Meanwhile, crypto data provider Alternative's self-estimated Fear-Greed Index remained at 79, the same as the previous day, indicating that the extreme greed phase continued. The index indicates extreme fear in the market when it is close to zero, and extreme optimism when it is close to 100. The Fear-Greed Index is calculated based on volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin market capitalization (10%), and Google searches (10%).