$BTC Sinking Bitcoin ETF flow has THIS impact on BTC’s move to $70K

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Sinking Bitcoin ETF flow has THIS impact on BTC’s move to $70K

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Diminishing inflows into spot ETFs inhibited Bitcoin’s growth.

Posted: April 26, 2024

By: Aniket Verma

Edited By: Ann Maria Shibu

Bitcoin sees stagnating demand

Bitcoin ETF flows have dropped heavily since the beginning of the week.

Liquidity inventory ratio rose, meaning supply could support demand for long.

Bitcoin [BTC] has exhibited sideways movement over the last ten days, wobbling in the range between $61,ooo to $65,000, data from CoinMarketCap showed. Even the recent halving failed to exert a decisive upward thrust to its trajectory.

ETF demand stagnating?

Julio Moreno, Head of Research at on-chain analytics firm CryptoQuant, attributed this in part to diminishing inflows to U.S. spot ETFs.

Indeed, net outflows of $217 million were recorded as on the 25th of April, and the funds have bled nearly $147 million since the week began, AMBCrypto noted using SoSo Value data. The last week saw more than $200 million worth of Bitcoins getting drained out.