Demand has cooled for US spot-Bitcoin ETFs that launched with much fanfare on Jan. 11. The products have garnered a net inflow of US$11.7 billion so far but the group as a whole suffered its biggest outflow on Tuesday.
Bitcoin sank to a two-week low as demand for dedicated US exchange-traded funds dries up and investors question the Federal Reserve’s scope to lower interest rates quickly.
The digital asset has declined almost every day since hitting a record high just shy of US$73,798 on March 14, stoking questions about whether the cryptocurrency has peaked for the time being. Bitcoin shed about 4.5% to change hands at US$60,900 as of 1.26 p.m. on Wednesday in Singapore.
