According to Bloomberg, Bitcoin is on the verge of experiencing its longest losing streak since October of the previous year. The overall cryptocurrency market has seen a 17% drop to $2.4 trillion following Bitcoin's mid-March record high of $73,798. This decline is attributed to the dwindling inflows into US funds, which had previously propelled Bitcoin to its all-time high after their launch in January. The group's overall net inflows currently stand at $11.8 billion, despite a $169 million outflow this month.
Many speculators who were banking on the continuation of strong ETF flows are now being forced out of the market. In the derivatives market, there are indications that investors are anticipating fewer significant Bitcoin fluctuations compared to the volatility that accompanied the launch of the US ETFs. As of 7:10 a.m. in London on Thursday, Bitcoin's value was relatively stable at $61,660, while Ether saw a 2% increase to $3,009.
