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😱🔻Bitcoin falls to 7-week low: $210 million devastation

Bitcoin continued its declines in the new week. The number one cryptocurrency fell to a 7-week low, falling to $ 39,431.
While the ETF wind is ending, Bitcoin is also continuing its decline. The number one cryptocurrency by market value fell below 40 thousand dollars in the evening hours and fell to 39 thousand 431 dollars.

The last time Bitcoin was traded at this level was on December 3, 2023. Thus, the crypto currency has fallen to a 7-week low.

The decline in Bitcoin was followed by harsher losses in other cryptocurrencies. Ether, one of the largest, anchored at $ 2,305, BNB at $ 303 and SOL at $ 82.

The wave of selling in the market led to millions of dollars of losses for those who took bullish positions. In the last 24 hours, the position was closed with a loss of $ 210 million in this way.

What is the apparent reason for the declines?
It is thought that Bitcoins coming out of Grayscale are effective in declines. More than 66 thousand BTC have been sent to Coinbase from Grayscale's wallets since the ETFs were approved. Some of these were allegedly the equivalent of share sales in FTX's Grayscale ETF. On the other hand, the fact that Terraform Labs filed for bankruptcy also had an impact on the declines. This news, which came in the morning, led Bitcoin to fall below 41 thousand dollars.
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