Since July 5, Bitcoin has seen net inflows of $1.91 billion in its US spot exchange-traded funds (ETFs). Despite this, its price has struggled to stay above $65,000.
Meanwhile, the S&P 500 index reached an all-time high on July 16, and gold, considered the world’s largest reserve asset, traded at a historical high on July 17. This indicates that the factors hindering Bitcoin’s performance are not tied to the traditional finance markets. But what exactly is causing this underperformance?
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