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Bitcoin's Shock Drop

A week of high highs and low lows.

Jack Inabinet
Jan 13, 2024 • 1 min read

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Crypto has patiently awaited spot Bitcoin ETFs for the better part of a decade. They were approved and started trading this week! While it feels like there are plenty of reasons to celebrate, BTC has cratered a shocking 12.4% off its ETF debut high. WTF happened to TradFi buying our bags?

The total crypto market cap has plunged since spot BTC ETFs hit the market, with Bitcoin leading the decline as longs have come to the sudden realization that they are offside.

While the newborn spot BTC ETFs have managed to accumulate $1.4B in AUM over the past two days and are living up to analyst expectations, crypto prices have continued to plunge, with market participants that were over-bullish on ETF approval narratives being forced to walk back their 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.