Bitcoin Drops 20% Since Launch of Spot ETFs As FTX Selling Adds Pressure
• Bitcoin has fallen almost 20% since the launch of the first US spot ETFs on January 11, 2022
• The digital asset spiked to $49,021 on the day the BlackRock and Fidelity ETFs went live
• $1.2 billion flowed into the new spot Bitcoin ETFs in the first 6 days
• Sellers include the bankruptcy estate of crypto exchange FTX, which disposed of shares in the Grayscale Bitcoin Trust
• Bitcoin has been challenged by tougher macro conditions and selling pressure from traders unwinding GBTC arbitrage positions