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The recent price action from Bitcoin (BTC) has caught the attention of both supporters and critics. Following the<a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" target="_blank" rel="noopener "> launch of spot Bitcoin exchange-traded funds</a> (<a href="https://bitcoinist.com/jim-cramer-cautious-on-bitcoin-and-etf/" target="_blank" rel="noopener ">ETFs</a>) in the United States on January 11, BTC experienced a spike, breaking past the $48,000 mark. 
This surge, however, proved to be short-lived. Over the past 24 hours, BTC’s value has seen a significant downturn, <a href="https://bitcoinist.com/bitcoin-price-crashed-below-40000/" target="_blank" rel="noopener ">trading below $39,000</a>, marking a decline of nearly 5%. 
The ripple effects of this decline extend beyond just market value. The global crypto market is also facing a surge in liquidations, with total liquidations reaching roughly $345 million, affecting over 130,000 traders, according to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">data</a> from Coinglass. 
<h2 id="economist-reacts-to-bitcoin-s-plunge-so-far">Economist Reacts To Bitcoin’s Plunge So Far</h2> 
Following BTC’s consistent decline in the past day, prominent Bitcoin critic and economist Peter Schiff commented on the situation, expressing surprise at how the asset still trades at $39,000 and the relative orderliness of BTC’s decline. 
Schiff noted: “I’m surprised it’s still this high, as the decline has been surprisingly orderly.” His remarks suggest an expectation of a steeper drop. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/CNBC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#CNBC</a> finally mentioned <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> this morning, after ignoring yesterday’s decline. <a href="https://twitter.com/BeckyQuick?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">@BeckyQuick</a> seemed surprised that Bitcoin was “actually trading below $40K” (more surprised that it’s below $39K). I’m surprised it’s still this high, as the decline has been surprisingly orderly. 
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1749750607030751463?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 23, 2024</a>
</blockquote> 
While Schiff comment interprets that BTC could <a href="https://bitcoinist.com/200000-bitcoin-mt-gox-confirms-repayments/" target="_blank" rel="noopener ">still drop more</a> as its current trading price below $39,000 region is still “high,” CEO of Jan3 and well-known Bitcoin advocate Samson Mow has expressed skepticism regarding the likelihood of BTC’s value plummeting to $30,000. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/xS96KCHm/" alt="bitcoin (BTC) price chart on TradingView.com" width="2770" height="1556"> 
Mow addressed circulating speculations about investors anticipating a drop to this level, seeing it as an opportunity to accumulate more BTC. The Bitcoin advocate noted, disclosing that investors expecting BTC price to dip to $30,000 or $0.03M (Million) as he mentioned will be “disappointed.” 
<blockquote class="twitter-tweet"> 
 From what I’m hearing, a good amount of investors are thinking <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> will drop to the low $0.03M range and waiting to buy then. I think they’ll be disappointed. 
 — Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1749557311016992836?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 22, 2024</a>
</blockquote> 
<h2 id="grayscale-s-role-and-on-chain-discrepancies">Grayscale’s Role And On-Chain Discrepancies</h2> 
It is worth noting that these developments come against BTC’s ongoing dip partly attributed to <a href="https://bitcoinist.com/ftx-sheds-nearly-1-billion-in-grayscale-bitcoin-etf/" target="_blank" rel="noopener ">crypto asset manager Grayscale, BTC outflows</a>.&nbsp;Speaking of the outflow, the crypto asset manager has recently been scrutinized. 
CryptoQuant CEO Ki Young Ju has highlighted an <a href="https://bitcoinist.com/grayscale-selling-cryptoquant-disclosures-on-chain/" target="_blank" rel="noopener ">on-chain “discrepancy”</a> between the disclosed holdings of the Grayscale Bitcoin Trust (GBTC) and the actual reserve tracked through on-chain addresses. 
This discrepancy raises questions about the transparency and accuracy of GBTC’s off-chain disclosures compared to on-chain data. 
<blockquote class="twitter-tweet"> 
 On-chain data appears to be a leading indicator for ETF fund execution. 
 There’s still a 19.5k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> gap between on-chain <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$GBTC</a> Bitcoin holdings and off-chain disclosures, indicating on-going pressure on GBTC.<a href="https://t.co/HrkV3TUGJT" target="_blank" rel="noopener nofollow">https://t.co/HrkV3TUGJT</a> <a href="https://t.co/Px0iDQxpoq" target="_blank" rel="noopener nofollow">pic.twitter.com/Px0iDQxpoq</a> 
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1748255850530259395?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 19, 2024</a>
</blockquote> 
featured image from Unsplash, Chart from TradingView

‘I’m surprised It’s Still This High,’ Says Economist As Bitcoin Dips Below $39,000

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