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A significant downturn has been felt in Bitcoin’s price, which fell below $42,000 on Friday, January 12, due to substantial downward pressures. This comes in the wake of the approval given to the trading of spot exchange-traded funds by the Securities and Exchange Commission in the US. This precipitous drop represents a 7% decrease over the last 24 hours, adding fuel to the concerns of investors and those passionate about cryptocurrencies.
Anthony Scaramucci, the founder of SkyBridge Capital, elaborated on the reasons behind this concerning downtrend in light of the recent trading of BTC spot ETFs. In an interview with Bloomberg, Scaramucci made clear his opinion about the bearish pressure on the Bitcoin price since these ETFs have started trading. He stated that sales of Grayscale Bitcoin Trust shares played a part in the recent slump. Scaramucci also divulged that several shareholders of Grayscale Bitcoin Trust, which transitioned into a spot exchange-traded fund recently, were offloading their shares to record losses and switch to alternatives with lower fees. This comes after GBTC recorded a trading volume of approximately $2.3 billion, marking the largest first-day turnover for an ETF.
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