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Bitcoin’s Post-ETF Meltdown

It's been a brutal week for BTC, now flirting with the $40K barrier

Jack Inabinet
Jan 19, 2024 • 1 min read

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Dip buyers be damned. The total crypto market cap (TOTAL) has sunk like a stone, erasing a quarter billion dollars in wealth amidst the 14% plunge that has followed the arrival of spot BTC ETFs. Can crypto markets rebound?

Traditional markets may be up on the day, with both the broad basket S&P 500 and the tech-heavy Nasdaq 100 indices both setting new cycle highs, but crypto prices continue to trade down.

Bitcoin has experienced outsized losses compared to TOTAL off its ETF debut, down 17% from then and a further 0.9% on the day, with the outsized negative price action partially a direct result of continued Grayscale redemptions combined with crypto traders unwinding their bullish BTC ETF approval bets.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.