Bitcoin Continues Winning Streak in January
Bitcoin ($BTC) is on track for its fifth consecutive month of gains as it gained about 2% in January.
Record High Streak in Sight
If Bitcoin continues to rise, it would reach its highest streak of monthly gains since its pandemic-era rally between October 2020 to March 2021.
Spot Bitcoin ETFs Impact
Bitcoin plunged 21% in the 12 days following the debut of spot Bitcoin ETFs in the US this month.
Stablecoin Market Growing
According to on-chain analytics firm Santiment, the stablecoin market has been growing and whales have been steadily accumulating, with over half of the total stablecoin supply now controlled by whales with over $5 million.
Inflow to Cryptocurrency Exchanges
Holders of the third-largest crypto by market cap USDT are sending their dollar-pegged digital assets to exchanges, with these inflows suggesting they are gearing up to buy into the market in a move that could help drive prices up.
Hot Take
Bitcoin continues to strengthen its position as it heads for its fifth month of consecutive gains with the impact of spot Bitcoin ETFs and growing interest from whales in the stablecoin market indicating a positive outlook for the cryptocurrency.
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