Bitcoin BTC
-3.46%
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.
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© 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.