Posted 1/18/2024, 9:09:00 PM
Bitcoin Price Drops Below $41K As Investors Take Profits From Older ETFs and Move Into New Spot BTC Funds
- Bitcoin price fell below $41K, down 4.5% in one day and 13% since new spot BTC ETFs started trading Jan 11
- New spot BTC ETFs have accumulated over 68,000 BTC in first week, but GBTC has shed 40,000 BTC
- Globally there are over 864,000 BTC held by exchange traded products, dwarfing recent spot BTC ETF additions
- Outflows from Canadian, European, and GBTC ETPs as investors take profits and move to new US ETFs
- Futures-based BTC ETF outflows like $2B ProShares fund may be pressuring BTC price as they close longs