Bitcoin's value dropped to $65,000 following a lackluster performance by Exchange-Traded Funds (ETFs) on Monday. ETFs saw a decrease in net outflows, totaling $85.7 million, down from $183 million on Thursday.

Grayscale sold $302 million, which is lower than their typical Monday sales, while Ark experienced its first outflow, albeit small, at $0.3 million.

Fidelity contributed $44 million, and BlackRock $166 million, figures similar to those of the previous week.

This decline may be attributed to ETFs being more responsive to traditional finance indicators than other crypto investors. For instance, last month's Producer Price Index (PPI) data triggered a notable crypto reaction.

The recent focus was on manufacturing data (PMI), which indicated a rise to 50.3 in March from 47.8 in February, marking the highest activity in 18 months in the United States and a six-month high in China.

While this might suggest economic expansion, it could also impact speculation about the timing of potential rate cuts, a topic constantly discussed in the markets.

Despite the transient nature of traditional finance trends, the PPI data prompted a significant response in the crypto sphere for a considerable period.

Whether this episode will soon be forgotten or attract further speculation remains to be seen from today's ETF activity.

Monday saw reduced activity in Europe due to a holiday and in the US due to Easter, making the data somewhat retrospective.

BlackRock and Fidelity reported figures within the usual range, suggesting that part of the outflows may be attributed to Grayscale's tendency to sell more on Mondays.

The new futures on Kraken experienced a dip to $64,000 overnight due to lower liquidity, potentially explaining the broader market's decline to the mid-$64,000s.

However, if the price movement was merely a result of speculative activities on outflows, it could be dismissed as part of the daily market fluctuations.

In conclusion, Bitcoin's slip in value appears to be linked to ETF withdrawals, influenced by traditional finance indicators. While these fluctuations may attract attention momentarily, their long-term impact remains uncertain.