The Bitcoin market has been absorbed by fear as the BTC Fear and Greed index entered the red zone and is showing 29 at the moment.

n market possessed by fear

The Bitcoin (BTC) market has been consumed by fear as the BTC Fear and Greed index has slipped further into the red and is showing 29 at the moment.

This happened as the price of the world’s largest cryptocurrency has slid further today, with BTC dropping by 2.5% from $85,830 to the $83,812 price mark, where BTC is trading at press time.

Traditionally, the zones of fear and particularly of extreme fear indicate that investors are worried, and this presents a buying opportunity, which may precede a price surge.

As for the zones of greed and extreme greed, the market enters them when it is overheated and it is moving toward a correction.

Bitcoin Fear and Greed Index is 29 ~ FearCurrent price: $83,689 pic.twitter.com/DIFSGRzHi8

— Bitcoin Fear and Greed Index (@CryptoFearAndGreed) August 24, 2023

Bitcoin ETFs resume positive inflows

On-chain analytics account @lookonchain has published an update on Bitcoin ETF netflows for today. Investor sentiment seems to have turned bullish again as exchange-traded funds that track the Bitcoin price are seeing inflows again after losing Bitcoin for the entirety of last week.

The total netflow has comprised 672 Bitcoins, or $56.38 million. However, out of 10 ETFs, just four have seen fresh Bitcoins come in. BlackRock (NYSE:BLK) leads the way here, with 455 BTC inflows (the equivalent of $38.16 million). Currently, this largest corporate Bitcoin owner holds 571,869 BTC worth $40.01 billion. These ETFs are piling up Bitcoin to back their ETF shares sold to investors.

Ark21 Shares and Bitwise ETFs have absorbed 160 BTC and 131 BTC, respectively. The last of the four ETFs with positive inflows today has been Franklin, with 58 BTC. Valkyrie and Invesco Galaxy have faced outflows of 19 BTC and 104 BTC.