According to experts, this bull period in the cryptocurrency market stands out with a different aspect compared to others.
In previous bull runs, Bitcoin usually followed the rise in U.S.-based markets such as NASDAQ and S&P500, as well as the technology sector stocks. The same applies to this bull period, but there is a noticeable difference when compared to others.
In other bull markets, the rise in the U.S. dollar index (DXY) and U.S. treasury yields generally had a negative impact on the cryptocurrency market, resulting in price declines. However, in this bull market, despite the increase in DXY and U.S. treasury yields, the rise in Bitcoin and the cryptocurrency market continued.
Experts attributed this to the weakening of the dollar and the fact that Bitcoin is being embraced more globally by both institutional and individual investors.
In particular, the approval of spot Bitcoin exchange-traded funds in the U.S. has increased the number of Bitcoin investors in the country and accelerated the inflows into the cryptocurrency market. Since the launch of spot Bitcoin ETFs, they have welcomed more than $8 billion in inflows in the past 2 months.
