Bitcoin Plummets Below $39K, Triggering Massive Liquidation

Bitcoin's price dropped below $39,000, erasing most of its gains from the past two months as the debut of spot exchange-traded funds (ETFs) in the U.S. continues to be a "sell-the-news" event. The recent selling pressure on bitcoin has been attributed to sales from the FTX bankruptcy estate, with analysts speculating that the ETF approval would mark a short- to mid-term top for the price. On-chain analysis firm CryptoQuant anticipates a further drop to $32,000, while others expect bitcoin to fall to at least $38,000 in the near term.