Bitcoin Slips Below $60K Amid Disappointing ETF Debut and Weakening Market Sentiment

Bitcoin experienced a sharp decline in price on April 30, dropping below $60,000, coinciding with the lackluster debut of a spot BTC exchange-traded fund (ETF) in Hong Kong. The underwhelming performance of the ETF, which saw much lower trading volumes than anticipated, contributed to a decrease in the premium on Bitcoin futures contracts to its lowest level in five months. Additionally, concerns over weak macroeconomic conditions, including uncertainty regarding potential interest rate cuts by the United States Federal Reserve, have weighed on investor sentiment. Traders are also cautious amidst net outflows from U.S.-listed spot Bitcoin ETFs and negative monthly performances in traditional markets like the S&P 500. Despite these challenges, the Bitcoin options market shows a relatively balanced sentiment, with the delta skew shifting from bullish to neutral following the ETF's disappointing launch, suggesting a measured outlook among investors.