U.S. regulators approved 11 spot bitcoin ETFs in January, managing a total of more than $13 billion in inflows in the months following their launch, and it took several years for gold ETFs to accomplish the same boom. However, after several consecutive weeks of net positive inflows into bitcoin ETFs, demand for the product appears to be shrinking. By the third week of April, ETF demand had shrunk to consecutive daily net reflows had turned negative after BTC block rewards were halved.