CandleFocus Bitcoin Market Dominance Reaches 3-Year High—What's That Mean?
2024-10-17
Author: Content Editor
Bitcoin spot exchange-traded funds (ETFs) have experienced four consecutive days of inflows, leading experts to suggest that this, alongside rising Bitcoin dominance, record-high open interest, and shrinking exchange reserves, could signal a potential bull run. Institutional interest has played a significant role in this surge, with BlackRock's ETF accounting for $393 million of the total inflows. The total fund inflows in spot Bitcoin ETFs over the last four days amount to $1.6 billion. Ethereum spot ETFs have also seen inflows of $28.4 million over the same period. Despite the positive sentiment, some experts believe that Bitcoin's price may still decline before breaking out of its range. However, others expect Bitcoin to eventually surpass the market cap of gold due to growing global demand and pressure on the Federal Reserve to debase the value of the dollar.
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