The cryptocurrency market has been going through challenging times in recent days. The leading cryptocurrency Bitcoin (BTC) has moved far away from its all-time high. BTC fell as low as $60,000. This drop was associated with Iran-Israel tensions. Recovering over the weekend, BTC rose above $65,000, inspiring hope. However, the turbulence in BTC continued on the first trading day of the week. BTC fell 7.22 percent in the last 24 hours.
According to data from SoSoValue, net money outflow from spot Bitcoin ETFs on April 15 was $ 36.67 million. The negative data affected the decline in BTC price. The fact that the data signaled a loss of appetite put the crypto sector on the agenda.
Negative signal for Bitcoin came from spot ETFs
As the leading cryptocurrency Bitcoin (BTC) continues its downtrend, negative data continues to fall. April 15 spot Bitcoin ETF data had a significant impact on the course of the market. The data was in the direction of net money outflows.
According to the data, there was a net outflow of $36.67 million from spot ETFs on April 15. Grayscale's GBTC product realized a net outflow of 110.07 million dollars the other day. BlackRock tried to compensate for the continued outflows in GBTC. BlackRock's IBIT product realized a net inflow of $73.40 million.
The striking detail in the data was the lack of demand for ETF products of issuers such as Fidelity, Ark Invest and Bitwise. The ETF products of these issuers attracted zero in the past day.
GBTC has realized a net outflow of $16.38 billion so far. GBTC holds $19.64 billion worth of BTC. BlackRock's IBIT has so far recorded a net inflow of $15.33 billion.
Spot Bitcoin ETF data signaled a loss of appetite. Institutional investors preferred to act cautiously, especially due to Iran-Israel tensions.
