The price of bitcoin declined on Monday to levels not seen since early December, falling below $40,000 amid ongoing focus on outflows from Grayscale's spot ETF.

The largest digital asset by market capitalization has declined over 5% in the past 24 hours and is was changing hands for $39,505 at 2:42 p.m. ET, according to The Block data. The global cryptocurrency market cap fell by 4.8% on Monday to a value of $1.64 trillion.

CoinDesk reported earlier in the day that defunct cryptocurrency exchange FTX has sold nearly $1 billion worth of shares in Grayscale's GTBC fund since the firm's instrument was converted to trade as a spot bitcoin ETF.

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