Bitcoin dips below $40k amid BTC ETF selloffs

Bitcoin dropped under $40,000 amid GBTC sell-offs from bankrupt crypto exchange FTX and BTC deposits on Coinbase by spot BTC ETF issuer Grayscale.

Bitcoin (BTC) slid down nearly 9% on Jan. 22, exchanging hands around $39,700 on venues like Binance and Coinbase. The largest cryptocurrency likely saw depreciating prices due to outflows from Grayscale’s spot Bitcoin ETF, a fund built on the firm’s long-standing GBTC product.