) registered a 5.9% gain between June 2 and 5, but its rally was halted at $71,746. This movement was supported by a nearly $1 billion worth of inflows into U.S.-listed Bitcoin spot exchange-traded funds, indicating strong demand from institutional investors.
The SEC’s approval of spot Ethereum ETFs is another sign that U.S. regulators are less inclined to pick anti-crypto disputes after multiple court losses, including Grayscale’s GBTC Trust conversion into a regular ETF. However, Bitwise’s Hougan notes that U.S. President Joe Biden’s veto of the SAB 121 repeal shows that “crypto still has a long way to go.”
However, even if this theory is correct, meaning the U.S. Federal Reserve will inject liquidity into the system to avoid a generalized bankruptcy or ease the pressure on the banking system via repurchase agreements and special credit lines, odds are Bitcoin's price will first decline if the stock market and bond markets suffer.
Consequently, investors might be expecting a price correction ahead of the eventual Bitcoin rally, although there is no guarantee that the trend from 2023 will repeat itself, especially with the stellar track record of recurrent inflows by the U.S. spot Bitcoin ETFs, accumulating over $52 billion since its launch in January.One should also consider the stellar performance of U.S.
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