Bitcoin hovered near $105,000 on Monday as traders weighed slowing demand from spot exchange-traded funds against the market’s next halving cycle. The cryptocurrency has recently moved in a tight band, suggesting investors are waiting for a clearer catalyst before taking larger positions.

The easing pace of ETF inflows has drawn attention because those products have been a major driver of recent institutional buying. Even so, market participants say the slowdown does not necessarily signal a trend reversal; instead, it may reflect a pause as funds rebalance and investors digest recent gains.

Analysts are also focused on the approaching halving cycle, which reduces the pace of new bitcoin issuance and can reshape mining economics. That dynamic often affects miner profitability, network difficulty, and supply expectations, though the timing and scale of market effects vary from cycle to cycle.

For now, bitcoin’s price action suggests a market in consolidation rather than breakout mode. Traders are watching ETF flows, miner behavior, and broader risk appetite for signs of whether the next move will extend the rally or deepen the current range-bound pattern.