BTC has declined more than 18% from $49,000 to $39,900 at the time of writing. However, experts insist the price action remains decidedly bullish overall.
So while the recent dip may have shaken out some weak hands, the data supports the bull case for bitcoin in 2024. Major institutional inflows continue unabated, suggesting the long-term adoption trend remains healthy.
Other major bitcoin funds also continue to grow quickly. For example, the Fidelity Bitcoin Fund (FBTC) is expanding faster than the bitcoin fund from BlackRock.