The cryptocurrency market witnessed a mass decline led by Bitcoin during the last few moments of trading on Tuesday. Despite strong inflows into bitcoin-linked exchange-traded funds, the largest cryptocurrency by market cap is not receiving much support.

Bitcoin fell 3.6% over the past 24 hours to $66,857. Bitcoin had reached a record high near $74,000 in mid-March amid increased interest from new spot exchange-traded funds, but its price has fallen since then.

However, these inflows do not appear to be enough to boost prices. Traders are buying into shares of spot bitcoin ETFs while simultaneously selling futures contracts tied to the cryptocurrency, with the aim of capitalizing on a futures market premium, according to BitMEX research. Therefore, the selling pressure resulting from futures trading keeps the price in equilibrium.

On the other hand, Ethereum - the second largest cryptocurrency - fell 3.3% to $3,551 but rose 21% over the past month. The Securities and Exchange Commission recently approved significant rule changes to allow the trading of Ethereum spot exchange-traded funds.

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