Bitcoin (BTC) saw a steep slowdown on Wednesday when it fell 3.2% against the US dollar.
The benchmark cryptocurrency saw further losses today, with the BTC/USD pair dipping another half a percentage point to $63,915. It still remains 4% higher week on week.
Bitcoin climbed steadily higher after Saturday’s hotly anticipated Halving event, but a spate of redemptions has put near-term pressure on the cryptocurrency.
BlackRock’s popular iShares Bitcoin Trust (IBIT), which has taken the lead in terms of cash inflows since spot bitcoin ETFs were approved in January, saw its first day of nil cash inflows yesterday, reported CoinDesk.
Combined with persistent outflows from the Grayscale Bitcoin Trust (GBTC), it suggests a cooling of interest in this relatively new asset class.
Farside data shows that cumulative flows across all bitcoin ETFs have stagnated in April following an impressive run in February and March.
ETF flows tail off in April – Source: Farside Investors
Ethereum (ETH), the second-largest cryptocurrency, dipped 2.4% against the US dollar yesterday and another half a percentage point today.
At the time of writing, the ETH/USD pair was swapping for $3,126, around 4.1% higher week on week.