- At the time of writing, Bitcoin is trading at $40,812, down 2.13% in the last 24 hours.
- If the price manages to go below $40,340 level then it will likely test $37,690 support level.
Crypto Quant reports that as of January 19th, issuers of spot Bitcoin ETFs had over 638,000 bitcoins in their possession. This amounts to almost $27 billion in fiat currency. Grayscale Bitcoin Trust (GBTC) has the biggest amount of Bitcoin—566,973 BTC. Next in line with 28,662 BTC is BlackRock’s iShares spot ETF, which trades under the ticker symbol IBIT.
Reportedly in a surprising move, Grayscale Investments, the firm responsible for the well-known Grayscale Bitcoin Trust (GBTC), has sold a large quantity of Bitcoin (BTC) worth $2.14 billion.
Many industry watchers see Grayscale’s choice to keep ETF fees at 1.5% as a strategic gaffe that would hurt the market and slow adoption. After 11 spot Bitcoin exchange-traded funds were approved by the US SEC two weeks ago, Bitcoin’s volatility increased.
Bears in Control
Bitcoin is under selling pressure and the price has fallen under $41,000. This has resulted in a noticeable slump in the overall crypto market. Following a few days of flat trading in a confined range, Bitcoin’s price once again took a nosedive, falling below $41,000. Following suit, the majority of altcoins exhibit a similar trend.
At the time of writing, Bitcoin is trading at $40,812, down 2.13% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 58.13%.
If the price manages to go below $40,340 level then it will likely decline further to test $37,690 support level. Conversely, if the price manages to go past $42,140 then price will likely climb further to test $42,880 resistance level.
