Total inflows of nine spot Bitcoin ETFs in the US fell to a negative level on the first day of April. Grayscale's GBTC ETF experienced outflows of over $300 million, contributing significantly to total net outflows across ETFs.
Changes in Spot Bitcoin ETFs
On April 1, there was a net outflow of $85.84 million from spot Bitcoin ETFs. However, BlackRock's IBIT and Fidelity's FBTC ETFs recorded net inflows of $165 million and $43.99 million, respectively.
However, total net investments in spot Bitcoin ETFs remain at $12.04 billion, indicating continued investor interest.
The Fall in Bitcoin Price and Investors' Fed Expectations
During the recent negative flows, Bitcoin price dropped by 5.5% and fell to $66,000. This caused a general selling pressure in the cryptocurrency market. Additionally, this drop coincided with the upcoming Bitcoin block reward halving, calling into question expectations that BTC would reach $75,000.
This decline in the cryptocurrency market is associated with inflationary pressures in the USA and reduced policy expectations of the Fed. A Singapore expert states that the Fed's interest rate cut expectation also affects the cryptocurrency market.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE AWARD COME?
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