Bitcoin BTC -3.58% 's price declined below $41,000 for the first time since December as newly approved spot ETFs finished their fifth day of trading.
The price of the world's largest cryptocurrency by market capitalization has fallen 3.9% over the past 24 hours, hitting $40,959 at 4:31 p.m. ET, according to The Block data.
Thursday's declines came as JPMorgan analysts led by Nikolaos Panigirtzoglou said that bitcoin's price could face additional downward pressure in the coming weeks if investors in Grayscale's spot ETF, which was a conversion from its flagship GBTC fund, continue to take profits.
GBTC saw $451 million in outflows on Jan. 17, according to The Block's Data Dashboard. Cumulative outflows were at least $1.6 billion before Thursday, according to the data.
Grayscale volume
Ending their fifth day of trading, the cumulative trading total of all spot bitcoin ETFs was $13.7 billion, with funds totaling $1.9 billion changing hands on Thursday. Of that, $976 million of flows stemmed from Grayscale's fund, which has accounted for about 50% of volume since the new products started trading last week.
Amid the rising volatility, bitcoin long liquidations totaled $28 million over the past hour, while short liquidations totaled $4 million, according to the crypto derivative platform Coinglass.
Bitcoin's price has declined 10.8% over the past week, and it's down 2.4% over the past month.