Bitcoin Slips to $64K As Large Grayscale GBTC Outflows Continue

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 in London

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 $53,000 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.

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