According to data from CryptoQuant, the negative rate traders pay to open new long positions in the perpetual futures market indicates a decrease in Bitcoin demand following a peak in March. CryptoQuant also reports a recent decline in net inflows into spot Bitcoin ETFs, suggesting a reduced desire for traders to open long positions.
This moderation in demand is further evidenced by cooling buyer enthusiasm for BTC, partly attributed to rising risk aversion due to tensions in the Middle East and anticipated delays in Federal Reserve rate cuts. On April 24, the spot Bitcoin ETF sector experienced a net daily capital outflow of $120.64 million.
Only two crypto funds, the Fidelity Bitcoin Spot ETF (FBTC) with $5.61 million and the ARK Invest/21 Shares Bitcoin fund with $4.17 million, received a capital influx during this period.
