Bitcoin price hits record low! Bitcoin ETF approved, market focus reverses😱
The price of Bitcoin fell to a record low, causing widespread concern in the market! 📉 The U.S. Securities and Exchange Commission approved a series of spot Bitcoin ETFs, but prices continue to decline. What’s going on? 🤔
Experts say traders' attention may shift from ETFs to other areas. 💡 Technical analysis shows that around $40,000 is the main psychological support level, and traders are paying more attention to the technical aspects of the market.
Bitcoin price fell 4.3% to near $40,809, making market sentiment cautious. At the same time, a large amount of money flowed into Bitcoin ETFs owned by BlackRock and Fidelity, but interestingly, some of the funds came from investors exiting Grayscale Investment’s GBTC fund. The preferences of market participants have changed. ⚖️
Shifting trader focus and selling pressure on GBTC may be one of the reasons for the decline in Bitcoin prices. In addition, competition for ETF management fees is also squeezing market share and attracting large inflows of funds. 🏦
Retail investors are also turning to cheaper spot Bitcoin ETFs, indicating a correction in the market. At the same time, futures-based ETFs may also put pressure on Bitcoin prices. The market is changing, and investors need to remain alert, treat fluctuations rationally, and adopt appropriate strategies. 💪
