The crypto market experienced a significant decline in prices, with Bitcoin and major altcoins being affected.

Bitcoin's price dropped to a seven-week low, struggling to maintain the $40,000 mark, while Ethereum traded below $2,550.

The decline in prices is attributed to sales from Grayscale Investments and the launch of a Bitcoin ETF.

Despite the decline, there are positive inflows into spot Bitcoin ETFs, indicating institutional investor adoption.

Crypto exchange FTX is facing a court hearing over repayments to creditors but raised $600 million through the sale of Grayscale Bitcoin Trust shares.

The introduction of US ETFs tracking the spot price of bitcoin has attracted significant investment.

Despite the decline in Bitcoin's value, overall healthy net flows and high trading volumes indicate a maturing market that could lead to broader adoption.

Selling pressure on cryptocurrency exchange Coinbase has been decreasing, indicating a possible weakening of selling pressure from institutional traders.

Regulatory concerns and crackdowns on cryptocurrencies have contributed to the decline.

Despite the recent declines, experts believe that the long-term momentum for Bitcoin remains intact and that it is still a good investment over the medium to long term.