Affected by the cooling demand for ETFs, Bitcoin recorded its worst monthly performance since the FTX crash

Bitcoin is experiencing its worst month since the collapse of the FTX empire of cryptocurrency mogul SBF as the excitement surrounding the U.S. Bitcoin ETF fades. Preliminary data shows that bitcoin fell nearly 14 percent in April, its biggest drop since a 16 percent drop in November 2022. The frenzy fueled by U.S. Bitcoin ETFs sent bitcoin to a record high of nearly $74,000 in March, but as bets on the Federal Reserve to cut interest rates waned, demand for risky investments took a hit and inflows into these products fell sharply. As of April 29, 11 U.S. spot ETFs had a net outflow of $182 million this month. While in March, these funds had net inflows of $4.60 billion.