Bitcoin Drops Back Below $42,000 as ETF Optimism Evaporates

Largest cryptocurrency reached a two-year high on Thursday
Shares of crypto-related companies such as Coinbase also fell

The Bitwise Bitcoin ETF (ticker BITB) led the way with nearly $240 million in flows, according to data available Friday morning. — The Bitwise Bitcoin ETF (ticker BITB) led the way with nearly $240 million in flows, according to data available Friday morning.
Photographer: Michael Nagle/Bloomberg

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By David Pan

January 12, 2024 at 5:32 PM UTC

Updated on

January 12, 2024 at 10:41 PM UTC

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Bitcoin continued to pull back from a two-year high as traders parsed results from the much ballyhooed first day of trading of exchange-traded funds holding the cryptocurrency.

“With the first day of ETF trading behind us, it already feels like the crypto markets have moved on to looking toward the next narrative,” said Chris Newhouse, DeFi analyst at Cumberland Labs.