Bitcoin (BTC) has experienced a price slowdown, having recently recovered above $60,000. This tepid price movement is believed to be due to a couple of factors, including the reduced demand for the Spot Bitcoin ETFs.
Spot Bitcoin ETFs Have Lost Their Spark
The Spot Bitcoin ETFs recorded billions of dollars in net inflows in the first three months of launch. This contributed to the significant rally that Bitcoin recorded right around when the funds were approved, with the flagship crypto rising to a new all-time high (ATH) in March. However, demand for these funds has declined since the start of this month.
Research firm Kaiko also noted in its recent report that net inflows across all ETFs have steadily dropped for a while now. This has ultimately affected Bitcoin’s bullish momentum, with the flagship crypto trading sideways. Bitcoin’s price performance in the last 24 hours suggests that the recovery above $60,000 wasn’t necessarily a bullish reversal.
Andrey Sto
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