Bitcoin trading at $59,164 in September provides a backdrop of historical challenges for the cryptocurrency, raising doubts amidst gains from institutional demand and new ETF approvals.
Despite the historical trend of negative returns in September for cryptocurrencies, the recent approval of instant Bitcoin ETFs could signal a unique year ahead, potentially changing the market dynamics.
With August yielding $4.251 billion in realized gains for traders, there is cautious optimism surrounding Bitcoin’s financial conditions, but collectors might cause short-term volatility due to profit-taking.
The declining supply of Bitcoin on exchanges to its lowest since December 2018 indicates a tightening market, which could signal future price increases in the context of reduced availability.
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