-
Bitcoin
fell
below
$63,000
early
during
the
U.S.
session
Friday
amid
a
broader
crypto
sell-off. -
“It
will
take
some
time”
until
bitcoin
recovers
to
$73,000,
Galaxy
CEO
Mike
Novogratz
said
at
the
Bitcoin
Investor
Day
conference. -
ETF
inflows
will
return
once
GBTC
selling
is
completed
due
to
favorable
macro
conditions,
Coinbase
analysts
said.
Volatility
in
crypto
markets
continued
Friday,
with
bitcoin
(BTC)
tumbling
below
$63,000
at
one
point
from
the
$67,000
area
just
hours
earlier.
A
modest
rebound
since
has
taken
the
price
back
to
the
current
$64,000,
down
3.7%
over
the
past
24
hours.
The
sell-off
rippled
through
the
market,
with
the
broad
CoinDesk
20
Index
was
lower
by
4.4%
over
the
same
time
frame,
led
by
layer-1
network
Solana’s
token
(SOL)
declining
more
than
10%
at
one
point.
It’s
been
more
than
a
week
when
BTC
turned
sharply
lower
from
its
fresh
all-time
high
price
over
$73,000
and
crypto
assets
entered
a
corrective
period.
While
Wednesday’s
steep,
10%
rally
on
the
back
of
a
dovish
Federal
Reserve
promised
a
quick
recovery,
the
price
action
since
suggests
otherwise.
“[It]
will
take
some
time
before
we
take
out
that
$73,000
again,”
said
Mike
Novogratz,
CEO
of
digital
asset
investment
company
Galaxy
Digital,
during
a
panel
discussion
at
Bitcoin
Investor
Day
in
New
York
Friday
morning.
The
weak
price
action
comes
as
U.S.-listed
spot
bitcoin
ETFs
have
suffered
what’s
now
four
consecutive
days
of
net
negative
flows.
To
be
sure,
nearly
all
the
funds
continue
to
see
inflows,
but
each
day
this
week,
they’ve
not
been
nearly
enough
to
offset
massive
outflows
from
the
Grayscale
Bitcoin
Trust
(GBTC).
On
Thursday,
GBTC
saw
$359
million
in
outflows,
leading
to
$94
million
in
outflows
for
the
entire
fund
group.
Fidelity’s
Wise
Origin
Bitcoin
Fund
(FBTC)
garnered
the
lowest
daily
inflow
in
its
history,
data
compiled
by
BitMEX
Research
shows.
So
far
through
the
week,
the
spot
ETFs
have
recorded
over
$830
million
outflows,
and
are
on
track
to
endure
their
second
negative
week
since
late
January
when
BTC
corrected
to
$39,000.
Analysts
at
Coinbase
Institutional
noted
that
the
increased
GBTC
selling
is
potentially
in
part
due
to
Genesis
selling
shares
as
part
of
its
bankruptcy
process.
Once
the
sales
are
completed,
the
report
said,
inflows
to
ETFs
could
pick
up
again
amid
favorable
macro
conditions
and
favorable
central
bank
policy.
“We
think
the
macro
environment
remains
amenable
for
more
spot
bitcoin
ETF
inflows
following
the
Federal
Reserve
meeting
that
concluded
on
March
20,”
the
Coinbase
authors
wrote.
“We
expect
the
current
US
disinflationary
trend
to
remain
intact,
financial
conditions
in
the
US
to
continue
easing,
and
markets
to
be
supported
by
the
tapering
of
the
Fed’s
quantitative
tightening
program.”
Helene
Braun
contributed
reporting
