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<a href="https://bitcoinworld.co.in/bitcoin-btc-price-falls-by-5-as-grayscales-btc-outflows-hit-400m/" title="Bitcoin (BTC) Price Falls By 5% As Grayscale’s BTC Outflows Hit $400M" rel="nofollow"></a>
Bitcoin (BTC)’s recent rally has hit a roadblock, with the its price <a href="https://coinstats.app/coins/bitcoin/">falling</a> below $69,000 per coin before rising slightly.&nbsp; 
While it has since recovered to above $70,000, it remains below its all-time high of $73,700 reached yesterday. 
<figure id="attachment_68290" aria-describedby="caption-attachment-68290" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-68290" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-38-483x300.png" alt="" width="578" height="359" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-38-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-38.png 760w" sizes="(max-width: 578px) 100vw, 578px">
 <figcaption id="caption-attachment-68290" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
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</figure> 
&nbsp; 
The dip is attributed to a combination of factors, including concerns over rising inflation and potential selling pressure from Grayscale.&nbsp; 
<a href="https://www.cnbc.com/2024/03/12/cpi-inflation-report-february-2024-.html">Data</a> from the Labor Department’s Bureau of Labor Statistics showed that consumer prices rose 0.4% last month, and 3.2% from last year, which is higher than expected.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-miner-revenue-reaches-all-time-highs/" aria-label="“Bitcoin Miner Revenue Reaches All-Time Highs” (Edit)">Bitcoin Miner Revenue Reaches All-Time Highs</a> 
This has raised concerns that the Federal Reserve may not cut interest rates in May as anticipated, leading to a sell-off in digital assets and stocks. 
Additionally, Grayscale has been moving a significant amount of Bitcoin to its custodian, Coinbase, potentially for selling.&nbsp; 
Arkham Intelligence data shows that Grayscale shifted around $400 million worth of Bitcoin to Coinbase today. 
Grayscale’s selling pressure stems from investors redeeming their holdings in its Bitcoin Trust ETF, which was converted from a closed-end fund in January.&nbsp; 
This has led to increased supply of Bitcoin in the market, putting downward pressure on the price.&nbsp; 
Despite the Grayscale redemptions, net inflows for other Bitcoin ETFs have reached a record high, indicating continued investor interest in the cryptocurrency. 
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The post <a href="https://bitcoinworld.co.in/bitcoin-btc-price-falls-by-5-as-grayscales-btc-outflows-hit-400m/">Bitcoin (BTC) Price Falls By 5% As Grayscale’s BTC Outflows Hit $400M</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Bitcoin (BTC) Price Falls By 5% As Grayscale’s BTC Outflows Hit $400M

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