Bitcoin price fell below $40,000 for the first time since Dec. 3, 2023, as GBTC-linked selling of BTC at Coinbase continues to negatively impact investor sentiment throughout the crypto market. 

Bitcoin (BTC) fell rapidly from a price of $41,553 on Jan. 22, sinking more than 4.3% in the last 24 hours and 9.3% over the last 30 days, to hit a six-week low of $39,450, according to data from CoinMarketCap.

BTC/USD 1-day chart. Source: Source: TradingView

Bitcoin’s price performance comes as the traders reel from the unexpected result of the Securities and Exchange Commission’s approval of 11 spot Bitcoin ETF products in the U.S., with GBTC selling being blamed for the market crash.

Related: Crypto fund outflows reach $24.7M as GBTC selling impacts Bitcoin price

Grayscale deposited more than $600 million worth of BTC on Coinbase on Jan. 22, bringing the total to over $2 billion. Meanwhile, bankruptcy managers at FTX sold the entirety of its 22 million shareholding of GBTC – the equivalent of nearly $1 billion, adding to the price headwinds.

The last time Bitcoin traded below $40,000 was nearly one and half months ago, on Dec. 3, 2023, when it reached a low of $39,293, before ascending toward a 20-month high of around $49,000 on Jan. 11.

Trader and analyst Seth flagged BTC trading below $40,000, adding that he wished to see the flagship cryptocurrency produce a “daily close above 40K!”

Data from Coinglass shows long-position liquidations for Bitcoin topping $56 million on the day, with the tally still increasing at the time of writing. Cross-crypto long liquidations amounted to more than $208.7 million.

Crypto liquidations chart. Source: Coinglass

At the time of writing, BTC has recovered slightly and now trades at $40,245.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.