Bitcoin fell below $39,000 on Tuesday, extending its decline and hitting its lowest level since early December. The cryptocurrency was down 3% at $38,767, adding to a 4% loss the previous day. It has now tumbled 15% since the launch of U.S. spot bitcoin ETFs on January 11th. Some analysts pointed to short-term selling pressure from outflows of $2 billion from the Grayscale Bitcoin Trust since January 19th. However, inflows into ETFs from BlackRock and Fidelity have offset the GBTC outflows by $1.2 billion so far.