{"id":570321,"date":"2024-01-19T11:30:24","date_gmt":"2024-01-19T11:30:24","guid":{"rendered":"https:\/\/ktsl888.com\/?p=570321"},"modified":"2024-06-11T10:26:25","modified_gmt":"2024-06-11T10:26:25","slug":"bitcoin-price-fall-below-41000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-fall-below-41000\/","title":{"rendered":"Why Did The Bitcoin Price Fall Below $41,000?"},"content":{"rendered":"

Bitcoin dropped below $41,000<\/span><\/a> in the last 24 hours before making a recovery to rise above that level once again. This has become the <\/span>current reality<\/span><\/a> of the flagship crypto token\u2019s price, which has continued to decline since the <\/span>Spot Bitcoin ETFs were approved<\/span><\/a>. This is surprising considering that these funds <\/span>were projected<\/span><\/a> to help boost Bitcoin\u2019s price upon launch.\u00a0<\/span><\/p>\n

Why Bitcoin\u2019s Price Could Be Dipping<\/h2>\n

Bloomberg analyst James Seyffart<\/span><\/a> provided insight into what could be the reason for Bitcoin\u2019s declining price as he <\/span>revealed<\/span><\/a> that <\/span>Grayscale\u2019s GBTC<\/span><\/a> has experienced an outflow of $2.2 billion since its conversion to a Spot Bitcoin ETF. Crypto analytics platform Arkham Intelligence also <\/span>revealed<\/span><\/a> that Grayscale had moved 9000 BTC from their wallets to Coinbase, suggesting an imminent sale.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts XRP Price Will Surge 800% To Reach $5 In The Next 90 Days<\/a><\/div>\n

A sell pressure of such magnitude would no doubt affect Bitcoin\u2019s price, and that seems to be a plausible explanation for why Bitcoin\u2019s price has declined as of late. The CEO of Jan3 and Bitcoiner, Samson Mow, also echoed similar sentiments as he <\/span>mentioned<\/span><\/a> that the GBTC sell pressure was pushing prices down.\u00a0<\/span><\/p>\n

However, Mow believes that this trend \u201cwon\u2019t be a long drawn out process,\u201d as he predicts that many of GBTC\u2019s investors won\u2019t be able to offload their stocks because the \u201ctax hit is too big.\u201d JP Morgan will, however, beg to differ as a <\/span>research report<\/span><\/a> by the bank estimates that up to $3 billion could exit from the GBTC fund with many investors looking to take profit.\u00a0<\/span><\/p>\n

Crypto analyst Ash Crypto also <\/span>recently elaborated<\/span><\/a> on how profit-taking is one of the reasons that GBTC is seeing this significant amount of outflows. He explained that a lot of GBTC investors bought shares in the fund when it was trading at a <\/span>40% discount from Bitcoin<\/span><\/a>, and now they are exiting their positions since that discount is now at 0%.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC bulls make a play for control | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Spot Bitcoin ETFs Are Actually Living Up To Hype<\/h2>\n
While Grayscale\u2019s GBTC continues to bleed, other Spot ETFs look to be living up to the hype, with there being an impressive demand for these funds. <\/span>Nate Geraci<\/span><\/a>, the President of the ETF Store, <\/span>revealed<\/span><\/a> that two (IBIT and <\/span>FBTC<\/span><\/a>) out of the nine Spot ETFs (excluding GBTC) already <\/span>hit<\/span><\/a> $1 billion in assets under management (AUM) just after five trading days.\u00a0<\/span><\/p>\n
Related Reading: $245 Million Whale Wakes Up To Threaten XRP Price Recovery<\/a><\/div>\n
Specifically, BlackRock\u2019s IBIT (iShares Bitcoin Trust) was the first to <\/span>achieve this milestone<\/span><\/a> in just four trading days. Commenting on how impressive this was, <\/span>Bloomberg analyst Eric Balchunas<\/span><\/a> noted that only two other ETFs ($GLD and $BITO) had done this before now, and none of those funds faced such competition as IBIT did on launch day.\u00a0\u00a0<\/span><\/p>\n
The demand for Spot ETFs is evidently there, seeing that two spot Bitcoin ETFs have already achieved a record that was held by only two other ETFs before now.<\/span><\/p>\n
Featured image from Yahoo Finance, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin dropped below $41,000 in the last 24 hours before making a recovery to rise above that level once again. This has become the current reality of the flagship crypto token\u2019s price, which has continued to decline since the Spot Bitcoin ETFs were approved. This is surprising considering that these funds were projected to help boost Bitcoin\u2019s price upon launch.\u00a0 Why Bitcoin\u2019s Price Could Be Dipping Bloomberg analyst James Seyffart provided insight into what could be the reason for Bitcoin\u2019s declining price as he revealed that Grayscale\u2019s GBTC has experienced an outflow of $2.2 billion since its conversion to a Spot Bitcoin ETF. Crypto analytics platform Arkham Intelligence also revealed that Grayscale had moved 9000 BTC from their wallets to Coinbase, suggesting an imminent sale.\u00a0 Related Reading: Crypto Analyst Predicts XRP Price Will Surge 800% To Reach $5 In The Next 90 Days A sell pressure of such magnitude would no doubt affect Bitcoin\u2019s price, and that seems to be a plausible explanation for why Bitcoin\u2019s price has declined as of late. The CEO of Jan3 and Bitcoiner, Samson Mow, also echoed similar sentiments as he mentioned that the GBTC sell pressure was pushing prices down.\u00a0 However, Mow believes that this trend \u201cwon\u2019t be a long drawn out process,\u201d as he predicts that many of GBTC\u2019s investors won\u2019t be able to offload their stocks because the \u201ctax hit is too big.\u201d JP Morgan will, however, beg to differ as a research report by the bank estimates that up to $3 billion could exit from the GBTC fund with many investors looking to take profit.\u00a0 Crypto analyst Ash Crypto also recently elaborated on how profit-taking is one of the reasons that GBTC is seeing this significant amount of outflows. He explained that a lot of GBTC investors bought shares in the fund when it was trading at a 40% discount from Bitcoin, and now they are exiting their positions since that discount is now at 0%.\u00a0 BTC bulls make a play for control | Source: BTCUSD on Tradingview.com Spot Bitcoin ETFs Are Actually Living Up To Hype While Grayscale\u2019s GBTC continues to bleed, other Spot ETFs look to be living up to the hype, with there being an impressive demand for these funds. Nate Geraci, the President of the ETF Store, revealed that two (IBIT and FBTC) out of the nine Spot ETFs (excluding GBTC) already hit $1 billion in assets under management (AUM) just after five trading days.\u00a0 Related Reading: $245 Million Whale Wakes Up To Threaten XRP Price Recovery Specifically, BlackRock\u2019s IBIT (iShares Bitcoin Trust) was the first to achieve this milestone in just four trading days. Commenting on how impressive this was, Bloomberg analyst Eric Balchunas noted that only two other ETFs ($GLD and $BITO) had done this before now, and none of those funds faced such competition as IBIT did on launch day.\u00a0\u00a0 The demand for Spot ETFs is evidently there, seeing that two spot Bitcoin ETFs have already achieved a record that was held by only two other ETFs before now. Featured image from Yahoo Finance, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":570330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,6848,1119,89185,1122,1144,78790],"class_list":["post-570321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nWhy Did The Bitcoin Price Fall Below $41,000?<\/title>\n<meta name=\"description\" content=\"Bitcoin dropped below $41,000 in the last 24 hours before making a recovery to rise above that level once again.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Did The Bitcoin Price Fall Below $41,000?","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-fall-below-41000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-fall-below-41000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_121949.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_121949.jpeg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price prediction","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-01-19T11:30:24Z","datePublished":"2024-01-19T11:30:24Z","dateModified":"2024-06-11T10:26:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Did The Bitcoin Price Fall Below $41,000?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-fall-below-41000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-fall-below-41000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin_121949.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin_121949.jpeg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-01-19T11:30:24Z\",\"datePublished\":\"2024-01-19T11:30:24Z\",\"dateModified\":\"2024-06-11T10:26:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/Bitcoin_121949.jpeg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/570321"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=570321"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/570321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/570330"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=570321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=570321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=570321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}