Bitcoin (BTC) has descended to its lowest price since early December due to ongoing sell pressure from Grayscale’s Bitcoin holdings.

In the last 24 hours, more than $236 million in trades have been liquidated, with $208 million of long positions being wiped out.

As of the time of writing, Bitcoin is trading at $39,504, a price level not seen since December 2, 2023.

Coinglass reports that over 90,000 traders have faced liquidation in the past day, with the largest liquidation occurring on Bybit involving a $5 million BTC/USD trade.

The decline in Bitcoin’s price began shortly after the approval of Bitcoin spot ETFs for trading on national securities exchanges on January 10.

However, the impact of these new ETF products, which attracted billions of dollars in inflows, has been partially offset by substantial outflows from the Grayscale Bitcoin Trust (GBTC).

Following its conversion into an ETF, GBTC’s share discount has returned to parity with its underlying BTC holdings, resulting in significant profits for early investors.

Many of these early investors are now selling their holdings, causing Grayscale to offload over $500 million worth of BTC per day as the fund redeems its shares.

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