Posted 1/22/2024, 12:38:18 PM
Bitcoin Price Slides Further as Investors Cash Out Post-ETF Approvals
- Bitcoin dropped below $41,000 Monday morning, continuing a 2-week price slip after US spot Bitcoin ETF approvals
- Decline linked to investors cashing out ETF positions and exiting Grayscale Bitcoin Trust after conversion to spot ETF
- Over $2.2 billion exited Grayscale fund in last week, prompting sell-off of hundreds of millions in Bitcoin to meet redemptions
- Analysts say ETF approval was "priced in", prompting investors to "sell the news" afterwards
- Broader crypto market has dropped nearly 3% over past day, mirroring Bitcoin's decline