"Bitcoin's Post-ETF Approval Slide: Prices Plummet to Lowest Level"

Bitcoin has dropped over 15% to around $41,300 since the first U.S. spot BTC ETFs listed last week, with $1.5 billion flowing out of the Grayscale Bitcoin Trust. Analysts believe that GBTC investors are taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs, putting further pressure on bitcoin prices. Meanwhile, Ether could soar in 2024 on the back of hopes of a spot ETH ETF listing and Ethereum's upcoming Dencun upgrade, while ARK Invest sold a further $15 million worth of shares in the ProShares Bitcoin Strategy ETF and pivoted toward its own spot bitcoin ETF.