The pace of net inflows into spot bitcoin ETFs has slowed considerably, with a significant outflow recorded in the past week, the report said.

The cryptocurrency does not operate in a vacuum, and its price is also affected by non-crypto influences, such as macro factors, the report said.

Spot bitcoin ETF inflows have surpassed expectations, the broker said in the report.

Positive drivers such as spot ETF inflows are likely to meet some important macro and technical headwinds in the coming weeks, the report said.

Products would be available to professional investors while retail consumers remain banned, the regulator said.

The bitcoin spot ETF market could grow to around $62 billion in the next two to three years, the report said.

Increased retail activity comes ahead of the three main catalysts in the coming months: the bitcoin halving, the Dencun upgrade of the Ethereum blockchain and the potential approval of spot ether ETFs, the report said.

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