Bitcoin Faces Worst Month Since FTX Crash With ETF Demand Cooling
- Bitcoin fell almost 16% in April, most since November 2022
- Crypto ETF flows are reversing as Fed rate-cut hopes fade
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The prospect of higher-for-longer interest rates is weighing on crypto, underlined by deepening Bitcoin losses after the token’s worst monthly drop since the collapse of Sam Bankman-Fried’s FTX empire in November 2022.
The largest digital asset slumped almost 16% in April as a mania for US spot-Bitcoin exchange-traded funds flatlined after earlier lifting the token to a record high of almost $74,000 in March. Losses continued on Wednesday, with Bitcoin dropping as much as 5.6%.