Bitcoin price holds above $63,000 even as regulatory enforcement ramps up and spot BTC ETF outflows raise concern.
Bitcoin (BTC) held above $63,000 on April 26 despite facing a slew of negative influences. These include significant outflows from spot Bitcoin exchange-traded funds (ETFs) over two days, heightened regulatory scrutiny marked by an FBI warning against unregistered crypto services, and efforts by U.S. Senators to scrutinize cryptocurrency transactions.
On April 25, spot Bitcoin ETFs in the U.S. saw a net outflow of $218 million, which followed a $120 million outflow the previous day, as reported by Farside Investors. Notably, Franklin Templeton was the only provider to record inflows on April 25, indicating that the trend of withdrawals cannot solely be attributed to high fees at Grayscale GBTC.
U.S. Senators Elizabeth Warren and Bill Cassidy sent a letter on April 25 to the U.S. Department of Justice and the Department of Homeland Security. They sought details on measures being employed to tackle the issue of pseudonymity in cryptocurrency payments for child abuse material. The senators referenced a report from Chainalysis and emphasized the need for punishment for those selling such illicit content.