Bitcoin Drops Below $63K Amid Crypto Sell-Off, Grayscale Outflows Add Pressure

• Bitcoin fell below $63,000 amid a broader crypto sell-off; Galaxy CEO predicts it will take time to recover to $73,000

• Outflows from Grayscale's GBTC trust offsetting inflows to spot bitcoin ETFs all week

• Total spot bitcoin ETFs saw $830 million outflows this week, on track for 2nd negative week since January

• GBTC outflows potentially partly due to Genesis selling shares as part of bankruptcy

• Coinbase analysts expect ETF inflows to return once GBTC selling completes given favorable macro conditions