ETF Demand Boosts Bitcoin Amid Fragile Fundamentals

Bitcoin prices remain elevated at around $64,000, despite a slight decline of 1.1%, compared to multi-year lows seen last month.

The slow return of demand from ETFs is supporting this trend, following seven consecutive days of net inflows into bitcoin ETFs prior to yesterday, which pushed prices as high as nearly $67,000.

However, analysts at Coinbase Research caution that the token's fundamentals are fragile and warn that the Fed's guidance and rate decision next week will be crucial for bitcoin's resilience.

If the Fed holds steady and long-term yields remain stable, they believe bitcoin can remain resilient. Meanwhile, other major cryptocurrencies like Ethereum are lower, down 1.1% to $1,864.