Crypto News

Bitcoin Drops Below $40,000 Level as Bears Continue Domination

Bitcoin is currently trading at $39688 Source: Marca

According to recent data from Crypto Quant, as of January 19th, issuers of spot Bitcoin ETFs collectively held over 638,000 bitcoins, equivalent to an estimated $28 billion in fiat currency.

Grayscale Bitcoin Trust (GBTC) is the top Bitcoin ETF issuer, with 566,973 BTC. Following closely behind is BlackRock’s iShares spot ETF, which trades under the ticker symbol IBIT and holds 28,662 BTC.

In an unexpected move, Grayscale Investments, the company behind the well-known Grayscale Bitcoin Trust (GBTC), completed a significant Bitcoin sale worth more than $2 billion.

This strategic decision comes amid debate over Grayscale’s decision to keep ETF fees at 1.5%, which some industry observers view as a potential barrier to market growth and adoption.

The US SEC approved 11 spot Bitcoin exchange-traded funds two weeks ago, which has increased Bitcoin’s volatility.

The crypto is currently under selling pressure, with prices falling below $40,000. This downturn has resulted in a notable drop in the overall crypto market. After a brief period of flat trading, Bitcoin’s price fell again, causing the majority of altcoins to follow suit.

Bitcoin is currently trading at $39,788, down 2.45% in the last 24 hours, according to CoinMarketCap data.

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