According to Bloomberg, Bitcoin posted its worst streak in about a month amid ebbing fanfare over new US exchange-traded funds for the largest digital asset.
The token fell as much as 1.9% before paring some of the slide to trade at $42,239 as of 9 a.m. Monday in Singapore. It has dropped for four straight days, the worst such run since mid-December. Smaller crypto coins struggled for much traction, with Ether, BNB and Solana posting mixed performance.
The batch of almost a dozen ETFs, including from investment titans BlackRock Inc. and Fidelity Investments, began trading on Jan. 11. Bitcoin briefly hit a two-year high above $49,000 after they went live but then began retreating, as per insights from Bloomberg.
Furthermore, “The new funds are likely to continue to see strong inflows over the next week, as money on the sidelines is funneled in, and as the marketing machines get going. This could be offset short-term from more outflows as speculative positions are unwound,” Noelle Acheson, author, Crypto Is Macro Now newsletter, concluded.
