Crypto Price Prediction: The bearish trend in the cryptocurrency market has escalated this week, as the total market capitalization suffered a 3.73% decline in the past 24 hours, dropping to $1.55 trillion. Bitcoin, the foremost cryptocurrency, has experienced a 1.47% decrease today, consistently trading below the crucial $40,000 mark.
The crypto market has adopted a bearish posture since the introduction of spot Bitcoin ETFs on January 11th, sparking a downturn across most leading cryptocurrencies. A potential catalyst for this sell-off could be Grayscale’s reduction of their Bitcoin holdings, coinciding with investors divesting from the GBTC ETF. On the seventh day of ETF trading, GBTC experienced an outflow exceeding $640 million.
Additionally, according to a Bloomberg report, the crypto exchange FTX estate possessed 22.28 million shares in the Grayscale Bitcoin Trust, valued at $902 million, prior to January 11. Following the trust’s transformation into a spot ETF, FTX offloa
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