The flagship cryptocurrency, Bitcoin, recently dropped below $40,000. This continues the crypto token’s decline, which began around the time the Spot Bitcoin ETFs were approved. Interestingly, a recent development indicates that the defunct crypto exchange FTX has greatly contributed to this price dump.
Why Bitcoin Dropped Below $40,000
According to a Bloomberg report, FTX sold off a majority of its shares in Grayecale’s Bitcoin Trust (GBTC) after the Bitcoin ETF conversion. This means that it has partly contributed to Grayscale’s unending BTC sales in a bid to fulfill these redemptions. Grayscale’s move in the market is believed to be the reason why Bitcoin’s price has continued to plummet.
NewsBTC had previously reported how GBTC experienced outflows of over $2 billion in just five days after it began trading as a Spot Bitcoin ETF. Now, this trend looks to have been spearheaded by FTX as a sale of all their GBTC holdings amounts to almost $1 billion, according to recent
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