📉 Bitcoin fell below $40,000 for the first time since December on Monday due to ETF outflows.

🔻 $236 million worth of transactions were liquidated in the last 24 hours and Bitcoin is currently trading at $39,504.

📊 According to Coinglass, more than 90,000 investors were liquidated in the last 24 hours. The largest liquidation occurred with a $5 million BTC/USD transaction on Bybit.

📉 Bitcoin has been trending downward since the approval of Bitcoin spot ETFs, which began trading on national securities exchanges on January 10.

🔁 While there were major outflows from Grayscale Bitcoin Trust (GBTC), billions of dollars of inflows occurred into new ETF products.

💰 With the conversion of GBTC into ETF, huge profits were created for some early buyers and now these buyers are cashing out. This leads to Grayscale selling over $500 million worth of BTC per day while buying back its shares.