Bitcoin dipped below $63,000 amid a broader crypto sell-off. ๐ป "It will take some time" for bitcoin to recover to $73,000, according to Galaxy CEO Mike Novogratz. ๐ ETF inflows are expected to resume once GBTC selling is complete, as per Coinbase analysts. ๐ผ
Crypto markets saw continued volatility, with bitcoin tumbling below $63,000 before rebounding to $64,000, down 3.7% in 24 hours. ๐ The CoinDesk 20 Index was lower by 4.4%, with Solana's token (SOL) declining over 10%. ๐
BTC's correction from its all-time high of over $73,000 has extended for over a week, despite a 10% rally following a dovish Federal Reserve statement. ๐ "It will take some time before we take out that $73,000 again," said Novogratz. ๐ฌ
U.S.-listed spot bitcoin ETFs have seen four consecutive days of net negative flows, largely due to significant outflows from the Grayscale Bitcoin Trust (GBTC). ๐ธ GBTC saw $359 million in outflows on Thursday, leading to $94 million in outflows for the entire fund group. ๐ผ
Spot ETFs recorded over $830 million in outflows throughout the week, potentially influenced by Genesis selling shares amid its bankruptcy process. Once completed, inflows to ETFs could resume amid favorable macro conditions and central bank policies. ๐
