Posted 1/19/2024, 3:44:00 AM
Bitcoin Price Retreats to $40K as ETF Hype Fades, GBTC Sees Outflows
- Bitcoin has retreated to its lowest price since mid-December, now trading around $40,000
- The recent enthusiasm and price surge was sparked by the launch of new Bitcoin ETFs, but that hype is now fading
- Inflows into new Bitcoin ETFs like BlackRock's and Fidelity's have topped $1 billion each
- Grayscale's GBTC Bitcoin fund has seen $1.6 billion in outflows since converting to an ETF structure
- Some speculate previous GBTC premium arbitrage traders are now exiting those positions