$BTC
Bitcoin Falls to $64K as Large GBTC Outflows on Grayscale Continue
US-listed Bitcoin spot ETFs are set for their first week of negative net flows since late January.
Bitcoin fell below $63,000 at the start of the US session on Friday amid a Crypto sell-off.
“It will take some time” for Bitcoin to recover to $73,000, Galaxy CEO Mike Novogratz said at Bitcoin Investor Day in London.
ETF inflows will return once the GBTC sale is completed due to favorable macroeconomic conditions, Coinbase analysts said.
Volatility in Crypto continued on Friday, with Bitcoin (BTC) falling below $63,000 at one point from the $67,000 area just hours earlier. A modest rally since then has taken the price back to the current $64,000, down 3.7% in the last 24 hours.
It has been more than a week when BTC dropped sharply from its new all-time high price of over $73,000 and Crypto entered a corrective period. While Wednesday's strong 10% Rally thanks to a dovish Federal Reserve promised a QUICK recovery, price developments since then suggest otherwise.
"[It will be] some time before we take out that $73,000 again," Mike Novogratz, CEO of digital asset investment company Galaxy Digital, said during a panel discussion at Bitcoin Investor Day in New York on Friday morning.
The weak price action comes as US-listed Bitcoin spot ETFs have suffered what are now four consecutive days of negative net flows. To be sure, almost all funds continue to see inflows, but each day this week, they have not been enough to offset the massive outflows from the Grayscale Bitcoin Trust (GBTC). On Thursday, GBTC recorded outflows of $359 million, generating $94 million in outflows for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FBTC) saw the lowest daily inflow in its history, data compiled by BitMEX Research shows.
So far this week, spot ETFs have seen outflows of more than $830 million and are on track to endure their second negative week since late January, when BTC corrected to $39,000.
Once sales are completed, inflows to ETFs rebound favorable conditions
