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.