Share this article
Bitcoin Slides Below $40K, Now Down Nearly 20% From Post-ETF Euphoria
Analysts at 10x Research are eyeing the $38,000 level for a potential bottom.
Updated Mar 8, 2024, 8:19 p.m. Published Jan 22, 2024, 7:17 p.m.
The price of bitcoin [BTC] fell below $40,000 for the first time since December as selling continues to overwhelm buying despite sizable inflows into the new spot exchange-traded funds.
A number of spot bitcoin ETFs began trading on Jan. 11, with bitcoin surging to $49,000 in the minutes after their launch. The rise was fleeting though, and the price has been heading south since, finally falling through $40,000 moments ago. Bitcoin is now at its weakest price since the beginning of December, but still more than a double from year-ago levels.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At a glance, the new spot products are seeing a gusher of fresh cash, with two – BlackRock's (IBIT) and Fidelity's (FBTC) – topping more than $1 billion in assets under management (AUM) in the week since opening for business. That has to be balanced, however, against what's now a multi-billion dollar outflow from Grayscale's GBTC product as investors take profits or move to other lower-cost vehicles. In addition to outflows at GBTC, money has been exiting previously existing spot bitcoin exchange-traded products in Europe and Canada as well as futures-based ETFs like ProShares' (BITO).
Searching for a bottom
The bitcoin trend has turned bearish for the first time since Oct. 2 when the price was $27,530, said 10x Research in a Friday report. That news alone might be comforting to bulls who will remember Oct. 2 of last year as nearly the exact launching point for about a 70% run higher over the ensuing three months.
10x's central thesis for the first quarter of 2024 was that any ETF-related rally would be fake-out and for prices to decline into March towards $38,000, to this point a prediction that appears to be playing out, though perhaps faster than anticipated.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
What to know:
- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
Top Stories
