price has more than doubled since the batch of spot exchange-traded funds (ETFs) began trading in the U.S. back in January.
Demand from these regulated vehicles was so intense that the original cryptocurrency hit a new all-time high, driven by a flurry of Bitcoin purchases.
However, it seems that the market might have gotten a bit ahead of itself in the hype, according to Kaiko Research, as investors offloaded crypto ETFs at the fastest pace last week.
Both ETF inflows and the Bitcoin (BTC) rally decelerated in early April. Last week, BlackRock (NYSE:)’s iShares Bitcoin Trust (IBIT) saw its first daily outflow of $37 million, breaking a 71-day streak of consecutive inflows.
On Friday, however, the tide seemed to turn, with strong inflows across various ETFs, including Grayscale’s GBTC. Additionally, BlackRock’s IBIT fund is currently nearing parity with GBTC in terms of holdings. Kaiko analysts attribute…
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