Ramazan Eles 
Bitcoin prices extended their correction on Friday, dipping below $63,000 at one point before recovering slightly to hover around $64,000. This represents a 3.7% drop over the past 24 hours.
The sell-off wasn’t isolated to Bitcoin. The wider cryptocurrency market felt the pressure, with the CoinDesk 20 Index experiencing a 4.4% decline in the same timeframe. Layer-1 network Solana (SOL) was hit particularly hard, with its token price dropping over 10% at one point.
This downturn marks more than a week since Bitcoin sharply retreated from its all-time high above $73,000. While a brief rally followed a dovish Federal Reserve announcement on Wednesday, the overall trend suggests a corrective period.
Galaxy Digital CEO: Retaking $73,000 May Take Time
Speaking at a Bitcoin Investor Day panel discussion in New York, Mike Novogratz, CEO of digital asset investment firm Galaxy Digital, offered a cautious outlook: “It will take some time before we take out that $73,000 again.”
The price weakness coincides with continued net outflows from U.S.-listed spot Bitcoin ETFs for four consecutive days. While most funds still see inflows, these haven’t been enough to offset the significant outflows from the Grayscale Bitcoin Trust (GBTC).
On Thursday alone, GBTC experienced a $359 million outflow, leading to a total outflow of $94 million for the entire group of funds. Notably, Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded its lowest daily inflow ever this week, according to data from BitMEX Research.
Will Outflows Abate?
So far this week, spot Bitcoin ETFs have seen cumulative outflows exceeding $830 million and are on track for their second negative week since Bitcoin’s correction to $39,000 in late January.
Analysts at Coinbase Institutional believe the increased GBTC selling may be partly due to Genesis offloading shares as part of its bankruptcy process. They anticipate a potential return to ETF inflows once these sales are complete, especially considering favorable macroeconomic conditions and central bank policies.
“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 analysts 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.”
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