Bitcoin falls as ETF demand eases

The digital asset fell as much as 5.3% before paring some of the drop to change hands at $66,849 as of 11:41 a.m. Tuesday in Singapore.This year’s steep crypto rally is losing steam as lingering US price pressures lead investors to curb wagers on Fed interest-rate cuts, lifting Treasury yields and the dollar.

The changed views about the Fed are having an impact “across crypto, where there has been a selloff as the week gets underway — no sector is unaffected, especially those where prices have outperformed Bitcoin over last six months, for example, memes,” saidBitcoin has shed about 10% since hitting a peak of $73,798 in mid-March. A flood of daily inflows into US spot-bitcoin ETFs has begun to ease, weighing on the largest digital asset.

The crypto market looked “weak” over the past 12 hours in the wake of the latest US economic data, said Following the report, the amount of Fed easing priced into swap contracts for this year slid to around 65 basis points — less than forecast by policymakers.

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