(Bloomberg) -- As the second-quarter draws to a close, crypto investors are left wondering what’s next for Bitcoin after it retreated from the all-time highs registered during the height of the mania over exchange-traded funds.

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The original cryptocurrency is down about 13% since March, a sharp contrast from the 67% and 57% surges seen, respectively, in the previous two quarters. Bitcoin, which reached a record $73,798 on March 14, is closing the quarter at around $61,000.

The downturn has raised the question of whether cracks in momentum trades such as Bitcoin point to a tougher outlook for risk appetite as the prospect of higher-for-longer interest rates hangs over financial markets.

“A lot of people in the market have questions that are mostly anchored on concerns from a macro perspective,” Austin Reid, global head of revenue and business at FalconX. “So I think there’s just some short-term uncertainty being reflected within the crypto market, as we’re seeing in some other asset classes too.”

One of the best measures of the waning interest may be the slowing of demand for the US ETFs allowed to hold Bitcoin, which were approved by the Securities and Exchange Commission in January.

Investors poured about $2.6 billion into Bitcoin funds in the second quarter, compared with around $13 billion in the first three months of the year, according to data compiled by CoinShares.

“There was a lot of euphoria around the release of the ETFs, and then there was a natural price correction after the rally,” said Matthew O’Neill, co-director of research at Financial Technology Partners.

The ETFs received a flood of interest from professional investors who wanted Bitcoin exposure but were were only looking to buy into the cryptocurrency through institutional means, O’Neill said.

For investors who haven’t bought into the ETFs yet, he said they may be waiting to hop in during the next upward Bitcoin price move.

--With assistance from Muyao Shen.

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