Bitcoin Slips to $64K as Large Grayscale GBTC Outflows Continue
Summary
Bitcoin's price dropped to below $63,000 from $67,000, then rebounded to $64,000, marking a 3.7% decrease in 24 hours. The sell-off affected the broader market, with the CoinDesk 20 Index down 4.4%. BTC's recent decline from its all-time high has led to a corrective period. U.S.-listed spot bitcoin ETFs have seen four consecutive days of net negative flows, with GBTC experiencing significant outflows. Analysts suggest that Genesis selling shares as part of its bankruptcy process may be contributing to the increased GBTC selling. The macro environment is expected to support more spot bitcoin ETF inflows following the Federal Reserve meeting.
