Bitcoin Plunges Below $39,000 Amid GBTC Share Exodus Speculations

Bitcoin fell below $39,000 for the first time in nearly two months as the guessing game over the GBTC share exodus continues. GBTC has seen over $3.4 billion in outflows since its ETF conversion on Jan. 11, with Grayscale depositing billions in BTC to Coinbase Prime for likely sale. Latest data shows GBTC outflows may be slowing, though it has bled 13% of its shares outstanding. FTX reportedly sold two-thirds of its 22.3 million GBTC shares over three days and still holds around 8 million shares worth roughly $281 million.