Bitcoin dipped below $42,000 early Monday morning, as the crypto market took a bearish turn after multiple spot Bitcoin ETFs began trading in the U.S. last week.

Per data from CoinGecko, Bitcoin briefly dropped to a low of $41, 753.68 early Monday morning, before recovering to trade at its current level of $42,600, down around 0.6% on the day and 3.5% in the past week.

The cryptocurrency's price surged to almost $49,000 as the first spot Bitcoin ETFs began trading in the U.S. last week, but momentum was short-lived, with traders appearing to sell the news of the much-anticipated event.

The wider crypto market also saw a pullback over the weekend, dropping from just under $1.9 trillion on January 11 as the ETFs began trading, to $1.7 trillion today, per data from CoinGecko.

Bitcoin
BTC
+6.53%$110,788.03
24H7D1M1YMAX
Created with Highcharts 10.3.312:00PMMay 1712:00PMMay 1812:00PMMay 1912:00PMMay 2012:00PMMay 2112:00PMMay 2212:00PMMay 23$100000$110000$102500$105000$107500$112500
Price data by
BTC price

Bitcoin dominance likewise dropped from 49.32% on January 11 to 47.6% today, while data from CoinGlass showed Bitcoin open interest slipping from $20.05 billion to $18.37 billion over the same timeframe.

Crypto Fear & Greed Index turns neutral

Market sentiment has also taken a hit as prices plunged following the start of Bitcoin ETF trading in the United States.

The Crypto Fear & Greed Index slipped to "neutral" for the first time since November 2023, tumbling to a level of 52 after hitting a high of 76 in the run-up to the approval of spot Bitcoin ETFs.

The index tracks sentiment acros the crypto market, using metrics including volatility, market momentum and volume, social media, Google Trends data and market dominance.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.