The post Why Did The Bitcoin Price Drop Below $41k? appeared first on Coinpedia Fintech News
Bitcoin (BTC) recently saw a significant 4.5% decline, hitting a one-month low at $40,800 on Thursday. This drop aligns with the broader trend observed in the CoinDesk 20 Index, indicating a 4.6% decline over the last 24 hours.
Impact Approved Bitcoin ETFs
Following the approval of the new spot Bitcoin ETFs on January 11, an initial spark led to a brief surge in Bitcoin’s value. However, this enthusiasm quickly waned, resulting in a notable 13% decrease in the cryptocurrency’s price.
While there have been substantial inflows into the new spot Bitcoin ETFs, there have also been significant outflows, especially from Grayscale’s GBTC. This contrasting movement of funds adds a layer of complexity to the overall market scenario.
As per the recent data, the new spot ETF issuers collectively acquired over 68,000 bitcoins during their first week of trading. On the flip side, GBTC experienced an
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