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Cooling demand for Bitcoin ETF in the United StatesMicrosoftarcadeBitcoin fell nearly 16% in April, its worst monthly performance since the FTX crash. There was a net outflow of 11 spot ETF in that month.Microsoftarcade82m US dollars, in sharp contrast to the net inflow of 4.6 billion US dollars in March. Related cryptocurrency stocks also fell sharply.

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Cooling demand for Bitcoin ETF caused a record monthly drop investor interest in the US bitcoin ETF is waning, with Bitcoin suffering its biggest monthly decline since the collapse of FTX. In April, the price of bitcoin fell by nearly 16%, only slightly less than the decline in November 2022.

In March, the price of bitcoin was pushed up to nearly a record 7% due to the frenzied pursuit of ETF in the United States.MicrosoftarcadeForty thousand dollars. However, as expectations of a Fed rate cut have waned, demand for risky investments has been hit and inflows into bitcoin products have fallen sharply.

On Tuesday, the price of Bitcoin plummeted nearly 5%, to about $60, 000. At the same time, other tokens, such as Etay Fong and Solana, fell even more. Stocks related to cryptocurrencies were also affected, with shares of MicroStrategy (MSTR.US) plummeting 18%, MARA.US (Marathon) 11%, RIOT.US (RIOT.US) nearly 9%, and CLSK.US (CLSK.US) down nearly 10%.

The first monthly outflow of Bitcoin ETF in the United States as of April 29, the net outflow of 11 spot Bitcoin ETF in the United States for the month reached $182 million. As recently as March, net inflows from these funds reached $4.6 billion. The funds were approved by the Securities and Exchange Commission (SEC) in January.

Seth Ginns, managing partner of Coinfund and head of liquid investment, said on TuesdayMicrosoftarcade"ETF has created a new investment channel that is far more popular than anyone expected." This has led to a rapid rise in the price of bitcoin, which is much higher than expected.

While the market is expected to halve Bitcoin, a process that will reduce the supply of new bitcoins on the market, which has pushed up prices several times in history, the impact has been negligible since it was halved on April 19.

Market watchers have been looking for new tailwinds in Asia, keeping a close eye on Hong Kong-listed bitcoins and spot ETF at Ethernet Fong. However, Tuesday's listing of ETF failed to inspire investor confidence. According to data compiled by Bloomberg, the total trading volume of the six new ETF was just $11 million on the first trading day, a far cry from the total trading volume of $4.6 billion when 10 US spot bitcoin products were first unveiled.

Analysts at K33 Research said: "before the launch of ETF in Hong Kong, the market established some irrational expectations."