Bitcoin price drops below $41,000 as spot ETFs end fifth trading day

Bitcoin Bitcoin -3.58% The price fell below $41,000 for the first time since December, as the newly approved spot ETFs finished their fifth day of trading.

According to data from The Block, the price of the world’s largest cryptocurrency by market capitalization fell 3.9% over the past 24 hours, hitting $40,959 at 4:31 pm ET.

Thursday’s declines came as JPMorgan analysts led by Nikolaos Panigirtzoglou said bitcoin’s price could face further downward pressure in the coming weeks if investors in Grayscale’s spot ETF, which was a conversion from its fund flagship GBTC, continued to take profits.

GBTC recorded outflows of $451 million on Jan. 17, according to The Block’s Data Dashboard. According to the data, cumulative outflows amounted to at least $1.6 billion before Thursday.

Grayscale volume

At the end of the fifth trading day, the cumulative trading total of all spot bitcoin ETFs was $13.7 billion, with funds changing hands totaling $1.9 billion on Thursday. Of that, $976 million in flows came from Grayscale’s fund, which accounted for about 50% of the volume since the new products began trading last week.

Amid growing volatility, long bitcoin liquidations totaled $28 million in the past hour, while short liquidations totaled $4 million, according to crypto derivatives platform Coinglass.

The price of Bitcoin has decreased by 10.8% in the last week and by 2.4% in the last month.

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