Bitcoin's Seven-Month Winning Streak in Danger Due to Slowdown in Demand for Spot ETFs
Bitcoin's seven-month winning streak is set to end due to a variety of factors, including reduced demand for spot ETFs. However, the dominance rate of Bitcoin has increased past a critical level, indicating further potential for growth. Bitcoin's market value has decreased by 11% this month, the first monthly loss since August 2023. The decrease in demand for US-based spot Bitcoin ETFs, along with a general risk aversion in financial markets, has contributed to the decline in Bitcoin's value. However, the continued expansion of stablecoins has been a supportive factor.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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