Bitcoin consolidates its seven-week rising momentum, setting the longest weekly winning streak since 2021

2024-12-16 08:53:52

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ChainCatcher news, according to Bloomberg, Aya Kantorovich, co-founder of the institutional crypto platform August, stated that many people "are basing their expectations on a more favorable U.S. government (regulatory environment) for crypto." She added that this optimism is reflected in the demand for exchange-traded funds investing in digital assets.

As of last Sunday, Bitcoin has consolidated a seven-week winning streak, the longest since 2021. However, the recent momentum has slowed, which may indicate that "a pullback could be imminent," wrote IG Australia Pty market analyst Tony Sycamore in a report.

Since Trump won the presidential election on November 5, U.S. ETFs directly investing in Bitcoin have attracted a net inflow of $12.2 billion. During the same period, similar products for Ethereum saw a net inflow of $2.8 billion.

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