Bitcoin
Bitcoin (BTC) News Today: BTC-Spot ETFs Face Outflows in April Despite Halving
In the week ending April 26, the BTC spot ETF market recorded net outflows for the third consecutive week. Flow trends aligned with decreasing bets on a Fed interest rate cut in September.
Significantly, three consecutive weeks of net outflows occurred despite Bitcoin’s halving on April 20. According to Farside Investors, the BTC spot ETF market saw total net outflows of $328.0 million in the week ending April 26.
With two trading sessions remaining in April, the BTC spot ETF market has total April net outflows of $130.8 million entering Monday’s session (April 29). If demand conditions do not improve, the BTC spot ETF market could see monthly net outflows for the first time since launching on January 11.
Investors’ sensitivity to BTC spot ETF market flow trends may intensify this week. US labor market data and the Federal Reserve are focal points. On Wednesday (May 1), the FOMC press conference will allow markets to adjust their expectations of multiple Fed rate cuts in 2024.
In addition to the US BTC spot ETF market, Hong Kong BTC and ETH spot ETFs will begin trading on April 30. Inbound trends may offset the effect of recent outbound trends in the US market.
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared his views on the HK crypto-spot ETF market, saying,