Bitcoin (BTC) funds are bleeding coins as U.S. bank failures fuel expectations of an early Federal Reserve (Fed) pivot in favor of liquidity easing.

Data tracked by ByteTree Asset Management shows the number of coins held by close-ended funds, spot and futures-focused exchange-traded funds (ETFs) in Europe, the U.S. and Canada has declined by 16,560 BTC ($409 million) this month, reaching a 17-month low of 826,113 BTC.

(By Omkar Godbole)