Bitcoin heads for longest losing streak since 2024

Golden Finance reported that Bitcoin fell slightly, and the overall market value of digital assets has shrunk by $500 billion recently, raising questions about whether the rebound in cryptocurrencies has peaked. Bitcoin is heading for its fifth consecutive trading day of decline, which would be the longest losing streak since October last year. Data shows that since Bitcoin hit a record high of $73,798 in mid-March, the overall cryptocurrency market size has fallen 17% to $2.4 trillion.

The lack of stamina in the inflow of funds into the US spot Bitcoin exchange-traded funds (ETFs), coupled with the prospect of the Federal Reserve maintaining high interest rates for a long time, has hit the digital asset market. After the US Bitcoin ETF came into being in January, it received a large influx of funds and pushed the price of Bitcoin to a record high. After a net outflow of $169 million so far this month, the overall net inflow is now $11.8 billion.