US-based spot Bitcoin exchange-traded funds (ETFs) have recently seen substantial outflows, continuing a trend that now spans five days. The ongoing decline in crypto market sentiment is evident as the outflows reached approximately $1.72 billion over this period.

On Friday alone, spot Bitcoin (BTC) ETFs reported net outflows of $103.5 million, furthering a streak that began the prior week.

As of the publication date, Bitcoin’s spot price stands at $89,160, remaining below the key psychological level of $100,000 since November 13. Notably, the Crypto Fear & Greed Index, which evaluates overall market sentiment, recorded an “Extreme Fear” score of 25 as of Sunday.

The decline in market sentiment has been attributed, at least in part, to shifts toward more traditional assets, as many retail investors appear to be moving away from cryptocurrencies. Santiment, a crypto sentiment platform, noted that the market seems to be in a phase of uncertainty, with retail traders opting for caution.

In a recent post, Nik Bhatia, founder of The Bitcoin Layer, suggested that the current bearish sentiment might stem from rising metal prices, creating a sense of exclusion among Bitcoin investors. Meanwhile, Bob Loukas, a crypto analyst, argued for the potential of a forthcoming countertrend rally, indicating that the sentiment may be due for a comeback.

“The best move is probably patience.”