#BTC From Boom to Gloom: Bitcoin’s Value Sinks Below $39K Amidst Market Speculations

In terms of its market value, bitcoin #BTC has witnessed more prosperous times. After breaching the $40,000 level on Jan. 22, it has now descended below $39,000. On Tuesday, bitcoin’s value hit a nadir of $38,600, marking a 5.3% decrease in a single day and a 9.8% reduction over the week. Over a two-week period, bitcoin has depreciated by 16.8% in comparison to the greenback.

The current downturn in bitcoin’s price is rife with speculation, particularly concerning Grayscale’s GBTC outflows and the notion of spot bitcoin exchange-traded funds (ETFs) being a “sell the news event.” In a note shared with Bitcoin.com News, Etoro’s market analyst, Simon Peters, discussed the prevalence of GBTC’s recent outflows.

“GBTC from Grayscale still holds the most bitcoin of any of the spot ETFs with 53% of the market share, however, this was all acquired from its days as an investment trust, before it made the conversion to an ETF,” Peters said on Monday. “GBTC since becoming an ETF has actually seen net outlaws totaling 66,500 BTC (around $2.6 billion at current market prices) in all likelihood due to the high fees prompting investors to switch to lower fee alternatives.”