Bitcoin ETF

Bitcoin

James

<ul> 
 <li><strong>At the time of writing, Bitcoin is trading at $38,946, down 4.45% in the last 24 hours.</strong></li> 
 <li><strong>If the price manages to go below $37,690 then it will likely test $35,570 support level.</strong></li> 
</ul> 
<p><a href="https://thenewscrypto.com/grayscale-ceo-justifies-1-5-bitcoin-etf-fee-despite-competition/">Grayscale</a> has experienced massive losses amounting to billions of dollars. Total platform outflows reached approximately $2.2 billion on the fifth trading day of spot Bitcoin ETF, with Grayscale seeing a substantial outflow of $579.6 million.</p> 
<p>Grayscale has deposited 63,991 Bitcoin, worth about $2.68 billion, according to statistics from Lookonchain. It is possible that the whole cryptocurrency market reacted to these shifts, leading to widespread selloffs.</p> 
<p>However, on the seventh trading day, BitMEX Research data shows that BlackRock’s IBIT saw a substantial net inflow of $260.60 million. Bloomberg ETF analyst James Seyffart stated that, overall, capital flows to spot Bitcoin ETF products were good.</p> 
<h3 class="wp-block-heading" id="h-cautious-outlook-on-bitcoin">Cautious Outlook on Bitcoin</h3> 
<p>The price of Bitcoin has dropped to its recent lows. <a href="https://thenewscrypto.com/bitmex-co-founder-forecasts-bitcoin-price-dip-below-40k/" target="_blank" rel="noreferrer noopener">Bitcoin</a> has fallen below $39,000 due to recent selling pressure. Jim Cramer, anchor of CNBC show Mad Money, has recently tweeted his cautious attitude on Bitcoin. Cramer called it a “tough own” and expressed skepticism about Bitcoin’s capacity to recover.</p> 
<p>Coinciding with the launch of spot ETFs, Cramer voiced a cautious outlook on Bitcoin. As a result of this drop, many are rethinking their positive predictions for Bitcoin’s future, and Cramer’s latest post reflects this change in attitude.</p> 
<p>At the time of writing, Bitcoin is trading at $38,946, down 4.45% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 81.08%.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2024/01/BTC_7D_graph_coinmarketcap-6.png" alt="" class="wp-image-89966" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/BTC_7D_graph_coinmarketcap-6.png 630w, https://thenewscrypto.com/wp-content/uploads/2024/01/BTC_7D_graph_coinmarketcap-6-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>If the price manages to go below $37,690 then it will likely decline further to test $35,570 support level. However, if the price manages to go past $40,260 then it will likely test $42,140 resistance level.</p>

Bitcoin Plunges Below $39K as Selling Pressure Intensifies

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