Bitcoin's recent plunge below $39,000 has demonstrated a continuity of its decline, causing concerns and inciting a thorough look at the factors altering its price movements. According to CoinGecko, on Tuesday, Bitcoin was priced at $38,927, representing a 4.3% drop from the previous day and a 9% decline compared to last week.
"The outflow from GBTC should not matter that much as bitcoin's inflow into other ETFs have offset the outflow by $1.2 billion so far. It seems that the seemingly large amount of daily outflows from GBTC is affecting the market in a psychological way," said Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank.
