BTC Price Index and Live Chart – CoinDesk”>(BTC) sales continue to confront investors, who are likely scaling back exposure in the broader market in anticipation of lower prices.

CoinDesk 20 – a liquid indicator of the most traded tokens – has fallen by 2.86% over the last 24 hours.

Solana’s SOL, and Cardano’s ADA both fell 5% over the last 24 hours. These two majors led all other majors in losses. BNB Chain’s BNB remained unchanged amid the demand for launchpads on Binance that require the token. DOGE Price Index and Live Chart – CoinDesk”>(DOGE) initially bucked the broader market weakness amid speculation of adoption in an upcoming feature on social application X but has retreated in the past 6 hours.

Bitcoin, the largest cryptocurrency in the world by market capitalization, fell below the $41,000 level on Monday morning. Prices could fall to as low as $38k in the next few weeks, which would lead to further losses for other cryptocurrencies.

According to some analysts including Bloomberg’s Eric Balchunas, recent downward pressure on bitcoin can be attributed to sale of Grayscale’s GBTC Bitcoin exchange-traded funds (ETF).

According to reports, verified wallets belonging Grayscale and tracked by Arkham show that on Thursday, the fund transferred over $400 million in bitcoins to Coinbase Prime, a custodian. This could be a step towards an eventual sale.

Other newly approved bitcoin exchange-traded funds are experiencing net inflows. data from CoinGlass show that BlackRock’s IBIT ETF and Fidelity’s FBTC FBTC ETFs both crossed $1 billion in the past week. This is indicative of buying pressure.

Shaurya malwa is the editor.