Bitcoin Drops Below $40K

Bitcoin took a tumble, falling below the $40,000 level. This surprise dump came right after major milestones that many expected would boost prices - the launch of the first US spot BTC ETFs.

But instead of pumping Bitcoin to new highs, these ETFs appear to have triggered a crypto sell-off. Investors cashed out heavily from products like Grayscale's GBTC. This flood of selling pressure is tanking Bitcoin's price.

Major altcoins like Ethereum and Solana also took hits.

Are spot Bitcoin ETFs turning out to be busts for crypto prices? Or could this be a case of Buy the Rumor, Sell the News?

The crypto fear and greed index has finally shifted out of ‘greed’ and into ‘neutral’ territory after three straight months of exuberance. This shift comes on the heels of a surprise Bitcoin sell-off, sparking a broader crypto market decline. The tumble came right after the launch of the hotly anticipated spot BTC ETFs in the US - a development many expected would boost prices.

Investors cashed out heavily from Grayscale's GBTC after it converted to an ETF structure. Some indicate that FTX sold close to $1 billion worth of GBTC, contributing greatly to the outflows. This flood of selling pressure from formerly locked-up GBTC holdings is largely tanking Bitcoin's price.

The crypto markets are always unpredictable. So to stay up to date on the latest news and trends, let's dive into today's top stories:

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