Bitcoin Cannot Gain the Expected Momentum: It Turned Negative Again

There was generally a net outflow of money from spot Bitcoin exchange-traded funds (ETFs) in the USA.

According to SosoValue data, 11 spot Bitcoin ETFs traded in the USA experienced a net decrease of $13.62 million in the past day.

Cannot achieve the expected acceleration

Spot Bitcoin ETFs saw net inflows for five consecutive days. However, this momentum could not continue and money came out of the funds again.

While $32.38 million exited Grayscale's GBTC fund, Bitwise's BITB fund shrank by $6.76 million.

Unlike these, BlackRock's IBIT fund is $14.12 million; Fidelity’s FBTC fund grew by $5.42 million. Similarly, $3.51 million and $2.48 million were added to the funds of VanEck and Ark Invest and 21Shares, respectively.

Transaction volume is shrinking

11 spot Bitcoin ETFs recorded a combined trading volume of less than $1 billion among themselves on Tuesday. Their transaction volume was in the range of eight to ten billion dollars in March, when the price of Bitcoin broke its record.

Spot Bitcoin ETFs have netted a total of $14.64 billion in investment since their launch in January.

On the other hand, Bitcoin price also started to decline. According to CoinGecko data, Bitcoin lost 2.6% of its value on a daily basis and fell below $ 61,000.