Bitcoin continues to hover around $41,000 as the Grayscale Fund dominates spot ETF trading volume.
Bitcoin 
BTC
+1.39%
Cumulative trading volume for 11 new spot ETFs exceeded $15 billion in six days of trading, hitting $41,000 for the second day in a row.
The world’s largest cryptocurrency by market capitalization fell 1% to $41,065 at 1:17 PM ET, according to data from The Block. Yesterday it fell below $41,000 for the first time in over a month.
Price volatility in the last 24 hours There was a liquidation of approximately $87 million in leveraged Bitcoin. The majority (more than $74 million) are long positions.
Bitcoin fell below $41,000 for two days in a row. Image: The Block’s pricing page.
According to CoinGlass data, the overall cryptocurrency market saw more than $230 million worth of long positions liquidated in the last 24 hours, contributing to a total of $271 million worth of liquidations across various centralized exchanges.
In derivatives markets, liquidation occurs when a trader’s position is forced to close due to insufficient funds to cover losses. This situation occurs when market movements are against the trader’s position and the initial margin or collateral is depleted.
Bitcoin Spot ETF Net Outflow
The decline in Bitcoin prices comes amid a net outflow of $137.4 million from spot Bitcoin ETFs yesterday, most of which was driven by $582.3 million from the Grayscale fund.
JPMorgan analysts led by Nikolaos Panigirtzoglou said yesterday that the Bitcoin price could face further downward pressure in the coming weeks if investors in Grayscale’s spot ETF, which was converted from its flagship GBTC fund, continue to take profits.
“Between Bitcoin price declines and outflows, GBTC has lost approximately $5.5 billion in assets since the ETF conversion,” Nate Geraci, president of investment advisor The ETF Store, wrote in a post to X.
Other new ETFs saw net inflows, including $177.9 million into Fidelity’s funds yesterday, according to The Block Data. BlackRock’s iShares Bitcoin saw inflows totaling $145.5 million on Thursday.
The new Bitcoin ETF, which began trading last week, had total volume of $1.4 billion as of 1:17 PM ET on Friday, with Grayscale’s fund accounting for 58.5% of the total flow.
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