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Bitcoin (BTC-USD) extended its losses in Monday late morning trading, approaching $40K technical support, as traders’ excitement about the recent approval of spot bitcoin exchange-traded funds continued to fade.
The oldest and biggest digital token (BTC-USD) slid 2.5% to $40.5K at 11:49 a.m. ET, after reaching a multi-year high of about $47K a couple weeks ago. Other major coins changed hands in the red, with ether (ETH-USD) down 4.2%, solana (SOL-USD) off 6.9% and cardano (ADA-USD) -3.8%.
The weakness comes as traders appear to be taking profits on positions locked in prior to the ETF approvals. A CoinShares report showed that digital asset investment products experienced minor outflows of $21M for the week ended Jan. 19.
While crypto prices suffered, crypto-linked stocks were mixed. MicroStrategy (MSTR), the largest corporate holder of BTC, fell 2.2%, crypto exchange Coinbase Global (COIN) gained 1.3%, BTC miner Riot Platforms +1.9%, Marathon Digital (MARA) +2% and Hut 8 (HUT) -2.5%.
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