According to Bloomberg, Bitcoin is on track for its longest winning streak since March 2021, with five consecutive monthly gains. The digital asset reached a record high of nearly $69,000 in November 2021. Following the launch of spot Bitcoin ETFs from various issuers, the cryptocurrency experienced a 12-day drop of approximately 21% as traders observed their performance. One of these products, the $21 billion Grayscale Bitcoin Trust, has seen a slowdown in outflows, which is considered a significant positive for market sentiment.
The 10 ETFs in total have attracted a net $1 billion in investments so far. Investors are also closely watching the Federal Reserve's interest rate decision this week, as it may impact Bitcoin's value. As of 7:34 a.m. Tuesday in New York, Bitcoin's price remained relatively stable at $43,420. Smaller tokens, such as Ethereum and Solana, have also experienced similar trends.
