#BitcoinBelow40k
#CryptocurrencyMarket
#BitcoinETF
#CryptoTrading
#CryptoLiquidations
#BitcoinInvestment
#GrayscaleBitcoinTrust
#CryptoMarketTrends
Bitcoin (BTC) experienced a dramatic fall below $40,000 for the first time since the beginning of December. This sharp decline was primarily due to a massive wave of ETF outflows. Over the previous 24 hours, the cryptocurrency market has seen a surge in liquidations, with more than $236 million in trades liquidated, which includes $208 million worth of longs. Trading data suggests that Bitcoin was traded at $39,504 per token at the time of writing, a price low not witnessed since December 2 2023.
The exact figures by Coinglass state that over 90,000 traders have been liquidated during the previous day. The most significant liquidation happened on Bybit on a $5 million BTC/USD trade. Negative trends in Bitcoin have been increasingly apparent ever since Bitcoin spot ETFs were approved for trading on national securities exchanges on January 10. Despite new ETFs accumulating billions of dollars of inflows, their market impact has been offset by huge outflows from Grayscale Bitcoin Trust (GBTC). Some early investors in GBTC, which turned into an ETF, have made substantial profits due to GBTC’s share discount now being restored to parity with its underpinning BTC holdings, leading to significant amounts of cashing out.
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