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Bitcoin's price has seen a significant decrease since the 4th Bitcoin halving, dropping 7.5% to below $57,000 by May 1, 2024. At the time of writing, Bitcoin is trading at $59,190, down around 8% over the past week and 10.7% over the past 30 days. The decline coincides with lower enthusiasm for Spot Bitcoin exchange-traded funds (ETFs) which saw record outflows in the last week. Grayscale's GBTC was the sole ETF to witness a net decrease in funds amounting to $55 million, while Ark Invest's ARKB took the lead in daily net inflows, gaining $13 million. The previous day had seen a record amount of money ($563.7 million) leaving Bitcoin ETFs, the highest ever recorded in a single day. According to crypto analytics firm, Kaiko, Spot Bitcoin ETFs have the potential to 'amplify market downturns.'
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