Bitcoin moves in a negative zone amid a sudden drop in exchange funds investments

Bitcoin fell on Thursday, extending losses for the third straight session and moving away from recent two-week highs on active profit-taking, following a sudden drop in investments into bitcoin exchange funds. 

For the first time since its launch on January 11, the BlackRock Bitcoin fund failed to attract investments, leading to a sudden drop in cash flow. 

The Price

Bitcoin fell 1.4% to $63.356 at Bitstamp, with a session-high at $64,708. 

Bitcoin tumbled 3.25% on Wednesday on active profit-taking off $67,241. 

Crypto Market Value

The market value of cryptocurrencies fell by $45 billion today to $2.455 trillion as both Bitcoin and Ethereum log in losses.

Sudden Drop in Cash Flow 

According to initial data, new cash flow to bitcoin funds traded in US exchanges tumbled this month. 

The bitcoin exchange fund managed by BlackRock lost its momentum on Wednesday, and failed to attract investments for the first time since its launch. 

It has already managed to attract over $15 billion so far, however all flow was focused in the first quarter, in turn hurting spot bitcoin prices.