From Nasdaq.:

Bitcoin has dropped 20.6% to $38,900 since reaching a three-year high of $49,000 on Jan. 11 after the first U.S. spot bitcoin ETF was approved by the SEC.

$4 billion has been invested in spot bitcoin ETFs, with BlackRock and Fidelity products receiving the most funds while $2.8 billion flowed out of Grayscale.

The decline in Bitcoin’s price was also due to the sale of assets from bankrupt crypto exchange FTX and the underperformance of Coinbase, resulting in a 4% dip in shares.

JPMorgan downgraded Coinbase stock to underweight from neutral, predicting that the catalyst for the ecosystem from bitcoin ETFs will disappoint market participants. Other crypto stocks are also under pressure.

(Source: Reuters)



Read more: Bitcoin down 20% from post-ETF highs