"ETF Investors Burned as Bitcoin Approaches $40,000"

Bitcoin's price dropped by 4.5% as the debut of 11 US bitcoin ETFs led to a 'sell the fact' trade, with the price nearing $40,000. Despite hopes for significant inflows, only about $2.9 billion has entered the new ETFs, while the GBTC Grayscale ETF lost $1.6 billion and the futures-based BITO ETF lost about $400 million. The $40,000 level is now critical for the next phase of trading, and despite some increased flows into Blackrock's IBIT, the overall outlook for significant inflows appears unlikely.