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GBTC ETF continues to lose money as Bitcoin price stays below $40,000, with another $515 million being withdrawn.

GBTC lost $515 million on January 23. In total, it has lost $3. 4 billion since it changed to spot ETF earlier this month. Nine new Bitcoin investment funds were approved recently and they received a total of $249 million in new investments.

Bitcoin lost all the progress it made after the US SEC approved spot ETFs, and its value dropped below $40,000. This week, the biggest digital currency lost almost $200 billion from its total value. Currently, Bitcoin is being bought and sold for $39,700.

 

The flow of money out of GBTC might be getting slower.

The increase in money leaving GBTC is because of the actions of the closed FTX crypto exchange. The exchange sold about two-thirds of its 22. 3 million GBTC shares in just three days.

FTX still has around 8 million shares worth about $281 million that they haven’t sold yet.

However, according to Bloomberg ETF analyst Eric Balchunas, the most recent data suggests that the amount of money leaving GBTC may not be decreasing as quickly as before.

According to Grayscale’s website, they currently have 600. 5 million shares and they own 536,694. 9 Since January 10th, a total of 82,525 Bitcoin has been taken out of the GBTC platform, according to CC15Capital data.

An expert thinks that prices might go down more.

An analyst from Bitfinex said that when the price of BTC went down and stayed below $43,000, more than half of the profits made by people who bought it recently are gone.

The analyst thinks that the prices in the market might go down even more from where they are now.

“As bearish sentiment appears to be prevailing, the next crucial price levels for BTC that could provide support are estimated to be between $38,000 (close to the short-term holder realised price for BTC at $38,307) and $36,000.”

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