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Bitcoin Dropped 20% since the launching of the ETFs: Bitcoin decreased 20%,
since the launch of the first exchange-traded funds that invest directly in the token on January,11,
as speculators become increasingly cautious about the potential impact of these products.
After reaching $49021 on the day of the launch of ETFs by BlackRock Fidelity,
the price of Bitcoin fell by 19% to $39,718.US Spot ETFs
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US Spot ETFs
Nine spot Bitcoin funds began trading on January 11 and the Grayscale Bitcoin Trust ETF
was converted into an exchange-traded fund. A net inflow of $1.2 billion was recorded into these funds in the first six days.
According to Bloomberg Intelligence analysts, iShares Bitcoin Trust and FidelityWise Origin Bitcoin Fund had the highest inflows,
while $2.8 billion exited from Grayscale.
Bitcoin Challenge
“Over the past two weeks, Bitcoin has faced tighter macroeconomic conditions
and significant selling pressure from traders liquidating their GBTC arbitrage positions,
as well as the unloading of real estate assets due to the failure from FTX,” the report said.
In his note, Farrell, head of the digital asset strategy at Fundstrat Global Advisors LLC.
Farrell added that selling FTX would likely clear oversupply, suggesting that “GBTC’s strong selling pressure may soon subside.”
Bitcoin performance
While Bitcoin increased in 2023 by 150%, outperforming stocks,
amid expectation and conjecturing that the ETFs will encourage investors to rely more on the cryptocurrency,
Bitcoin decreased from the beginning of 2024
Bitcoin Dropped 20% since the launching of the ETFs