Bitcoin Dominance Hits 3-Year High as New ETFs Boost Demand

• Bitcoin's share of the crypto market is at a 3-year high of 55%, partly due to demand from new US Bitcoin ETFs • The $56B in assets in new Bitcoin ETFs is one of the most successful debuts ever for a fund category
• Bitcoin has outperformed smaller crypto assets, which have dropped 30% recently amid reduced expectations for loose US monetary policy • Institutional allocations to the new US Bitcoin ETFs have buoyed Bitcoin's strength relative to other cryptos • Crypto investors await Bitcoin's next "halving" in April 2024, which will reduce new Bitcoin supply by 50% but doubts remain on its price impact