On Thursday, Bitcoin (BTC) settled below the $40,000 mark, marking its third time this week, indicating a persistent trend in the aftermath of the ETF-related sell-off.
The BTC/USD pair concluded the day with a minor 0.3% decrease, standing at $39,960, and has since shown little change.
Since the US securities regulator approved listing 11 bitcoin-linked exchange-traded funds on the New York stock market, Bitcoin has faced continuous selling pressure.
Despite being a significant milestone for institutional Bitcoin investors, the leading cryptocurrency’s value is still suffering from post-approval profit-taking by some key investors.
The Grayscale Bitcoin Trust (GBTC), the biggest of the newly listed funds, is experiencing substantial outflows, currently totalling nearly $4.4 billion. However, substantial inflows into other funds like BlackRock’s iShares Bitcoin Trust and Fidelity’s offering have somewhat balanced these outflows, at least for the time being.
As of Thursday, the total inflows across all products amounted to $824.4 million, with the overall trading volumes surpassing $21 billion.
Bloomberg’s James Seyffart noted that yesterday witnessed the largest outflow to date, reaching $158 million, though GBTC’s outflows predominantly influence this figure.
The Bitcoin price is $40,294.96, a change of 0.68% over the past 24 hours as of 10:33 a.m
