Bitcoin's price has dropped to its lowest level since the US approved a number of exchange-traded funds (ETFs) holding the cryptocurrency. The decline comes as the initial excitement surrounding the ETF approvals has diminished. Bartosz LipiÅ„ski, CEO of Cube.Exchange, notes that the current options positioning indicates support around the $40,000 mark, which is considered a significant psychological price point for traders.

Bitcoin fell to the lowest price level since the US approved nearly a dozen exchange-traded funds that hold the cryptocurrency last week. “Now that the ETF hype has faded a bit, it would make sense for traders’ attention to be focused elsewhere,” said Bartosz Lipiński, chief executive officer at Cube.Exchange, a trading platform. “Current options positioning suggests support around $40,000, which is a major psychological price point.”

Bitcoin Price Hits Post-ETF Approval Low as Enthusiasm Wanes