Bitcoin price abruptly dropped under $40,000. What happened?
Bitcoin price falls to 6-week low under $40K
The price of Bitcoin experienced a drop below $40,000, marking the first occurrence since December 3, 2023. This decline is attributed to the ongoing selling of BTC linked to GBTC at Coinbase, which has been adversely affecting investor sentiment across the entire cryptocurrency market.
Bitcoin swiftly descended from its value of $41,553 on January 22, exhibiting a decline of over 4.3% in the last 24 hours and a 9.3% decrease over the past 30 days. The cryptocurrency reached a six-week low, reaching $39,450 amid these market movements.
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Bitcoin ETFs post $76M in net outflows on 7th day of trading
Even as Grayscale continues to experience continuous outflows, the prospects for spot Bitcoin ETFs remain optimistic. According to Bloomberg ETF analyst James Seyffart, there has been a total inflow of more than $1.1 billion across various spot Bitcoin ETFs.
Spot bitcoin exchange-traded funds (ETFs) encountered $76 million in net outflows on their seventh day of trading, as reported by Bloomberg ETF analyst James Seyffart. In a post on X (formerly Twitter) on January 23, Seyffart characterized it as a “bad day” for Bitcoin ETFs in the “Cointucky Derby,” highlighting Grayscale as having the most substantial net outflows among the ETFs.
Update: BlackRock’s numbers are in for the #Bitcoin ETF Cointucky derby. Third biggest inflow day for $IBIT yet at $272 million. Only -$76 million in net outflows for the day. https://t.co/ySE0edbz4c pic.twitter.com/RzgH6qn5Md
— James Seyffart (@JSeyff) January 23, 2024
Also read: CRYPTO MARKET REVIEW IN 2023 AND NARRATIVES IN 2024