Bitcoin Has Dropped About 20% Since Landmark US Spot ETFs Began Trading
- Analysts cite macro headwinds and outflows from Grayscale fund
- The largest digital asset trails global markets so far in 2024
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Bitcoin has fallen over 20% since the Jan. 11 launch of the first exchange-traded funds investing directly in the token as speculators become more cautious about the potential impact of the products.
The digital asset spiked to $49,021 on the day the ETFs from issuers including BlackRock Inc. and Fidelity Investments went live. Bitcoin traded at $38,975 as of 8:38 a.m. Tuesday in New York, a 20.5% drop from that intraday peak.