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🚀 Why Was The Price Of Bitcoin Lower Than $40.5k?
The price of bitcoin (BTC) dropped sharply recently—by 4.5%—and on Thursday it reached a one-month low of $40,800. This decrease is consistent with the wider pattern shown in the CoinDesk 20 Index, which shows a 4.6% decrease in the previous day.
Effect of Authorized Bitcoin ETFs
A small spike in value of Bitcoin occurred when the new spot Bitcoin ETFs were approved on January 11. But this euphoria soon faded, and the price of the cryptocurrency dropped noticeably by 13%.
The new spot Bitcoin ETFs have had large inflows, but there have also been sizable outflows, mostly from Grayscale's GBTC. The entire market environment becomes more complicated as a result of this divergent fund movement.
According to the most recent statistics, in the first week of trading, the new spot ETF issuers bought more than 68,000 bitcoins between them. Conversely, over the same time frame, there was an approximate 40,000 bitcoin outflow from GBTC. As a result, there was a net increase of almost 28,000 bitcoins in Bitcoin ETFs.
The Global Setting and Investing Patterns
Vetle Lunde, a well-known analyst at K33 Research, clarified the global context by pointing out that several spot Bitcoin products were already trading internationally prior to regulatory permission in the United States. There are already over 864,000 bitcoins in these worldwide assets, and the recent U.S. investments pale in comparison to the global holdings.
