April witnessed a significant shift in Bitcoin’s market dynamics as it faced substantial outflows totaling $182 million from 11 US spot ETFs. This marked a stark departure from the previous month, where the cryptocurrency enjoyed a robust inflow of $4.6 billion in March.
The excitement surrounding US exchange-traded funds for Bitcoin has noticeably waned, contributing to Bitcoin’s worst month since November 2022, with a notable 14% decline in April. Despite the anticipation surrounding the Bitcoin halving event in April, historically known to boost prices, its impact was minimal as demand for risky investments dwindled amidst fading hopes for Federal Reserve interest-rate cuts.
Hong Kong ETF Debut Disappoints
Expectations were high in the market for a resurgence in Bitcoin’s momentum, particularly with the launch of Bitcoin and Ether spot ETFs in Hong Kong. However, investor confidence was not bolstered by the Tuesday debut, as the six new ETFs in Hong Kong saw minimal trading vo
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