Money is moving back into Bitcoin ETFs at a rapid rate as retailers impatiently drop out of crypto, reported blockchain analytics platform Santiment on Wednesday.

They added that ETF inflows ignited spot markets, which followed suit. However, this is usually the other way around as ETFs lag spot market moves.

“Previous crypto rallies were boosted by inflow spikes like this.”

Spot Bitcoin exchange-traded funds have seen two days of aggregate inflows this week, but spot BTC prices have remained relatively flat.

Money is moving back into Bitcoin ETFs at a rapid rate as retailers impatiently drop out of crypto. Previous crypto rallies were boosted by inflow spikes like this.

Visit the FREE Bitcoin ETF dashboard any time, brought to you by @santimentfeed: https://t.co/21UX8IA1p6 pic.twitter.com/J3yXcW9di3

Institutional Inflows Increase

Tuesday saw an aggregate inflow of $23.3 million for the eleven funds. This figure is very small compared to previous inflow days, but it reverses the trend of outflows last week, since Monday also saw an inflow of $364.3 million.

It was a short last week, but the total inflow for the four trading days was just $250 million, less than the inflow on Monday this week. BlackRock’s IBIT had the lion’s share of the inflows with $169.5 million on Tuesday, which countered the outflows from Fidelity, Bitwise, and ARK 21Shares.

Meanwhile, spot markets have been muted, with Bitcoin bouncing between $111,000 and $113,000 over the past few days. The asset topped $113,200 in Tuesday trading before falling back to $111,500 again during the Wednesday morning Asian session.

Meanwhile, the Bitcoin Fear and Greed Index was smack in the middle at 49, neutral, as traders remain undecided.

Retail traders have “changed their tunes,” swinging more and more negative with expectations of Bitcoin falling back below $100,000, Ethereum back below $3,500,” observed Santiment.

“As markets move opposite to the crowd’s expectations, these couple of weeks of FUD are an encouraging sign that this feared large retrace will never actually happen.”

Dogecoin ETF Imminent

Investors could see a new product launched this week as analysts anticipate the new Rex-Osprey DOGE ETF hitting the exchanges.

“Meme coin ETF era about to kick off, it looks like, with DOJE slated for a Thursday launch,” said Bloomberg ETF expert Eric Balchunas, who added:

“Pretty sure this is the first-ever US ETF to hold something that has no utility on purpose.”

The Doge people (what do you call them, Doge-rs?) are objecting to my “no utility” comment. But the coin was literally started by two guys as a joke. So what’s the utility? https://t.co/6YtQPnCOTx