Bitcoin price drops below $41,000 as spot ETF trading enters fifth day
Bitcoin (BTC) experienced a dip below the $41,000 mark for the first time since December, coinciding with the fifth day of trading for newly approved spot ETFs. The world’s largest cryptocurrency by market capitalization saw a 3.9% decrease in price over the past 24 hours, hitting $40,959. Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, suggested that bitcoin’s price might continue to face downward pressure if investors in Grayscale’s spot ETF continue to take profits. The Grayscale Bitcoin Trust (GBTC) reportedly experienced substantial outflows, totaling $1.6 billion before Thursday. The cumulative trading total of all spot bitcoin ETFs reached $13.7 billion, with $1.9 billion traded on Thursday alone. During this period of increasing volatility, bitcoin long liquidations amounted to $28 million, while short liquidations totaled $4 million. Over the past week, bitcoin’s price has fallen by 10.8%, with a 2.4% decline over the past month.