Bitcoin [BTC] has exhibited sideways movement in recent weeks, with diminishing demand by spot ETFs acting as one of the primary factors.
Julio Moreno, Head of Research at on-chain analytics firm CryptoQuant, attributed this in part to diminishing inflows to U.S. spot ETFs.
Indeed, net outflows of $217 million were recorded as on the 25th of April, and the funds have bled nearly $147 million since the week began, AMBCrypto noted usingNote that since their launch in early January, these investment vehicles have been one of the key drivers of Bitcoin’s price movement. Net positive days have invariably pushed prices up and vice versa.The declining demand was also apparent in the steep drop in accumulation addresses since late March.
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