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Home»ADOPTION NEWS»Bitcoin price falls below $41,000 as spot ETF trading concludes for the fifth day
ADOPTION NEWS

Bitcoin price falls below $41,000 as spot ETF trading concludes for the fifth day

By Crypto FlexsJanuary 19, 20243 Mins Read
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Bitcoin price falls below ,000 as spot ETF trading concludes for the fifth day
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Market • January 18, 2024 5:09 PM EST

Posted 1 minute ago In ~

Bitcoin BTC

-3.46%
The price of the newly approved cash ETF fell below $41,000 for the first time since December as it completed its fifth day of trading.

The price of the world’s largest cryptocurrency by market capitalization fell 3.9% over the past 24 hours, hitting $40,959 at 4:31 PM ET, according to data from The Block.

Thursday’s decline came as JPMorgan analysts led by Nikos Panigirtzoglou predicted that the price of Bitcoin could face further downward pressure in the coming weeks if investors in the Grayscale Spot ETF, which was converted from the main GBTC fund, continue to take profits. It happened as they said they could face it.

GBTC recorded $451 million in outflows on January 17, according to The Block’s data dashboard. Cumulative outflows before Thursday were at least $1.6 billion, according to the data.

grayscale volume

After five days of trading, the spot Bitcoin ETF’s cumulative trading volume was $13.7 billion, with total funds reaching $1.9 billion on Thursday. Of those flows, $976 million came from Grayscale’s funds, which accounted for about 50% of volume since the new product began trading last week.

Amid rising volatility, Bitcoin long liquidations totaled $28 million and short liquidations totaled $4 million in the past hour, according to cryptocurrency derivatives platform Coinglass.

Bitcoin price fell 10.8% last week and 2.4% over the past month.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

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