Stablecoin Dominance Weighs on Bitcoin as ETF Demand Remains Weak

Bitcoin's price is down today due to rising stablecoin dominance and weak ETF demand. According to The Crypto Times, traders are shifting their focus to dollar-pegged assets, which may lead to further downside for Bitcoin.

The USDT golden cross has flashed a warning signal that shows USDT's share of the broader crypto market is gaining momentum. This means that traders may be increasing exposure to stablecoins rather than riskier assets like Bitcoin or altcoins.

Continued outflows from US spot Bitcoin ETFs, totaling $91.4 million, will likely maintain pressure on Bitcoin's price. The recent flow trend also remains weak, with only one small positive net-flow day during the period.