Bitcoin has had its toughest month since the collapse of FTX, with the excitement over US spot Bitcoin ETFs fading away. In April, the cryptocurrency’s value dropped by nearly 16%, which was only marginally better than the decline seen in November 2022. The surge in demand driven by ETF expectations pushed bitcoin to a record high of nearly $74,000 in March. However, as optimism for Federal Reserve interest-rate cuts waned and risky investments lost their appeal, inflows to these products significantly decreased. In April, there was a net outflow of $182 million from the 11 US spot ETFs, a sharp contrast to the net inflow of $4.6 billion recorded in March.
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Bitcoin Records its Worst Month Since FTX Collapse Amid Diminishing ETF Enthusiasm
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