According to Coinshares and Bitcoin analytics, bearish mood may soon subside.

Despite $55 million in institutional Bitcoin withdrawals last week, negative sentiment may be on the decrease.

While key Bitcoin (BTC) measures do not portray a rosy image, the bears may be running out of steam. Despite analysts warnings that Bitcoin may fall to $38,000 before an ultimate breakthrough, CoinShares and Arcane Research indicate that the tide may be shifting.

In summary, institutional outflows from Bitcoin have been negative four out of the previous five weeks, totalling $55 million. Last week, total assets under management plummeted to a three-month low of $35 billion in the middle of the week.

The results of CoinShares show that significant investors in the Bitcoin ecosystem, such as Grayscale, CoinsXBT, ProShares, and ETC Group, have been lowering their exposure to the digital asset.

Their behaviours are exacerbated by the Dread and Greed Index, which has been stuck on “severe fear” for two months, while Bitcoin spot purchasing volume has reached a six-month low. If the Worry and Greed Index reaches a third month of extreme fear, it will only be the second occasion in the metric’s history.

Traders are also concerned. The seven-day average actual BTC trading volume is $3.4 billion, according to Arcane Research. It’s the lowest level since July 2021, when the mini-bear market bottomed out between May and July of that year.

Furthermore, with Bitcoin’s 30-day price volatility limited to the lowest level observed in twelve months, at 2.5 percent, the spring has been coiled.Twitter experts are clamouring for further gains. Popular Bitcoin bull @GalaxyBTC informs followers that $80,000 is on the way, while @Tradermayne declares that the “bottom is in for the nth time.”