Posted 1/19/2024, 1:00:00 PM
Bitcoin and Ethereum Prices Drop After Initial ETF Excitement Fades
- Bitcoin has dropped over 15% since the first US BTC spot ETFs listed last week, with $1.5B exiting Grayscale's Bitcoin Trust (GBTC)
- Ether could surge in 2024 on hopes of a spot ETH ETF listing and the upcoming Ethereum merge upgrade
- Institutional firm ARK Invest sold $30M worth of shares in ProShares' bitcoin futures ETF, swapping them for its own spot bitcoin ETF
- ETC Group said ether has a bullish outlook given Ethereum's dominance in DeFi and staking reward potential
- Bitcoin's monthly net position change turned negative this month, indicating increased selling by long-term holders