Bitcoin's growth was largely contributed by American investors and the excitement before the approval of a spot Bitcoin ETF, Matrixport analysts said. At the same time, experts predicted a “likely pause in the bull market” due to overbought conditions.

CME's head of cryptocurrency said the platform is "prepared" for the upcoming rally as the community is "buzzing with anticipation for ETFs." Alt Tab Capital believes that it's not just interest in ETFs - the market is also driven by the tokenization of traditional assets (RWA).

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