Bitcoin Slips Below $64K As GBTC Outflows Continue
By Laxmikant Khanvilkar
Volatility in crypto markets continued 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 $63,800, down 2.1% over the past 24 hours.
The sell-off rippled through the market with layer-1 network Solana’s token SOL declining more than 10% at one point.
Most altcoins have followed suit with notable weekly declines. Ethereum, for example, stood above $4,000 last week but is at $3,330 now. ADA, DOT, MATIC, and NEAR have dumped by double digits within the same timeframe.
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.
The weak price action comes as U.S.-listed spot bitcoin ETFs have suffered what’s now four consecutive days of net negative flows. On Thursday, GBTC saw $359 million in outflows. 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.
The global crypto market cap is $2.43T, a 1.71% decrease over the last day. The total crypto market volume over the last 24 hours is $113.42B, which makes a 15.30% decrease. The total volume in DeFi is currently $10.87B, 9.58% of the total crypto market 24-hour volume. The volume of all stable coins is now $102.88B, which is 90.70% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.64%, a decrease of 0.16% over the day.
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