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Enthusiasm around spot Bitcoin exchange-traded funds (ETFs) in the United States waned in April. This decline also reflects the fall in the price of the cryptocurrency, which fell below US$58,000 this Wednesday (1st).

According to recent data, new Bitcoin ETFs recorded net outflows worth US$343.5 million in the month, ending a three-month streak of inflows.

ETFs had been showing an impressive run of inflows, attracting $1.5 billion, $6 billion and $4.6 billion of demand in January, February and March, respectively.

However, overall flows have declined significantly since peak daily net inflows of $1.05 billion on March 12, according to The Block’s data dashboard.

Bitcoin ETFs cool in the US

Bitcoin, in parallel to this, recorded an 18% drop between its all-time high of US$73,836 on March 14 and the end of April.

April outflows continued led by Grayscale’s higher-fee GBTC fund, with $2.5 billion leaving the ETF throughout the month.

Similarly, Ark Invest’s ARKB witnessed $86.3 million in monthly net outflows, and Valkyrie’s BRRR also recorded small net outflows of $0.3 million in April.

The remaining funds have seen net inflows over the past month, although Fidelity’s FBTC and Bitwise’s BITB also saw their first daily outflows in April.

BlackRock’s IBIT continued to dominate net inflows into Bitcoin ETFs. The financial giant’s ETF received $1.5 billion during April, followed by $556.1 million for Fidelity’s FBTC and $125 million for Bitwise’s BITB.

However, IBIT’s 71-day streak of net inflows—a run that placed it among the top ten ETFs of all time—came to an end on April 23, and the fund has seen five days of consecutive zero inflows since then.

Despite the recent reduction in flows and decline in daily trading volume, ETFs remain an attractive option for many investors interested in Bitcoin. Furthermore, competition between different funds is still ongoing in the market.

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