Bitcoin (BTC) has descended to its lowest price since early December due to ongoing sell pressure from Grayscale’s Bitcoin holdings.<\/p>\n\n\n\n
In the last 24 hours, more than $236 million in trades have been liquidated, with $208 million of long positions being wiped out.<\/p>\n\n\n\n
As of the time of writing, Bitcoin is trading at $39,504, a price level not seen since December 2, 2023.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The decline in Bitcoin’s price began shortly after the approval of Bitcoin spot ETFs for trading on national securities exchanges on January 10.<\/p>\n\n\n\n
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).<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>","protected":false},"excerpt":{"rendered":"
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