Recent data shows that Grayscale's GBTC is no longer at the top in terms of daily outflows, despite losing $82 million. On April 2, Ark Invest's ARKB surpassed GBTC with $88 million in outflows.

Bitcoin's struggle to gain momentum is evident as it dropped to as low as $64,673 today, according to CoinGecko data. Bitcoin ETFs had a remarkable trading volume of $111 billion in March, but April might not see the same level of activity due to decreasing demand.

Even so, Bitcoin ETFs saw net inflows of $38.8 million on April 2, with BlackRock's IBIT leading in inflows followed by Fidelity's FBTC.

Factors Contributing to Bitcoin's Price Decline

The significant drop in Bitcoin's price on Tuesday can be attributed to automated trading protocols in Asia reacting to Bitcoin ETF data. Bots are able to place orders based on scraped ETF information, which has a noticeable impact on the market.

The performance of Bitcoin in early March, when there were strong inflows, aligns with this theory. Despite this, analyst Eric Balchunas believes that larger factors are at play and downplays the influence of Bitcoin ETFs on the cryptocurrency's price.