Summary
Bitcoin (BTC) dropped below $41,000, with other cryptocurrencies also experiencing a decline. Only three smaller tokens are currently showing gains. Bitcoin’s recent drop can be attributed to the sales of the Grayscale Bitcoin Trust (GBTC), which has seen outflows of around $1.6 billion since mid-January. Other ETFs, such as the iShares Bitcoin Trust (IBIT), have seen inflows. Altcoins are also in the red, with Solana (SOL) and Ethereum (ETH) experiencing significant losses. Investors are monitoring macro events that could impact prices, including US GDP data and personal consumption expenditure prices.
Key Points
1. Bitcoin (BTC) lost support at $41,000 and has dropped to $40,488, with a 3% decrease in the last 24 hours and a 5% loss for the week.
2. The recent drop in Bitcoin’s price is attributed to the sales of the GBTC, a cryptocurrency fund from Grayscale that was transformed into an ETF. The fund has seen outflows of around $1.6 billion since mid-January.
3. Altcoins are also experiencing a decline, with Solana (SOL) and Ethereum (ETH) being among the cryptocurrencies with the biggest losses in the last 24 hours. However, three smaller tokens have seen an increase in value.