Bitcoin Drops 10% in Q2 Amidst Cooling "ETF Frenzy"

Since reaching an all-time high of $73,000 in March, Bitcoin has declined by approximately 14% from its peak as of Monday, with a cumulative decline of around 10% in the second quarter, marking a stark contrast to the robust 57% surge witnessed in the first quarter of this year.
Bitcoin's decline has been accompanied by a cooling of the hunt for bitcoin ETFs. According to CoinShares, inflows into bitcoin ETFs were only about $2.6 billion in the second quarter of this year, compared to inflows of about $13 billion in the first quarter, a drop of 80 percent from a year earlier.

With persistently high interest rates gripping the financial markets, will the risk appetite outlook for momentum trades like Bitcoin become even more dire?