Bitcoin

April

Grayscale Bitcoin Trust

Spot

Reserve

<p>Bitcoin has again experienced a price decline since briefly climbing <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-eclipses-72000-5-major-factors/">above the $72,000 mark</a> on April 8. This price dip is believed to be due to a couple of factors, which no doubt present a bearish outlook for the <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">flagship crypto</a>.</p> 
<h2 id="inflation-data-expected-to-come-in-hot">Inflation Data Expected To Come In Hot</h2> 
<p>The March Consumer Price Index (CPI) data is scheduled to be released on April 10. Some market experts <a href="https://www.financialexpress.com/business/investing-abroad-us-cpi-data-march-will-headline-and-core-inflation-signs-of-trend-reversal-3451482/" rel="nofollow">predict</a> that the report will show a rise in overall inflation. This could lead to the Federal Reserve taking a <a href="https://bitcoinist.com/bitcoin-recovers-on-fed-hike/" rel="nofollow">hawkish stance</a> on interest rates, negatively impacting Bitcoin’s price and the broader crypto market.&nbsp;</p> 
<p>This would explain why Bitcoin’s price has declined lately, as crypto investors remain on the sidelines ahead of the <a href="https://bitcoinist.com/cpi-bitcoin-crypto-see-unexpected-boost/" rel="nofollow">CPI report</a>. However, if the inflation figures come in favorable, this could restore investors’ confidence in the economic situation and provide a much-needed bullish outlook for the crypto market.&nbsp;</p> 
<p>Also, considering that January and February’s inflation data exceeded expectations, it is necessary to highlight what last month’s data exceeding expectations could mean in the long term. So far, <a href="https://bitcoinist.com/federal-reserve-launches-fednow-crypto-in-trouble/" rel="nofollow">the Fed</a> has continued to hold interest rates steady at about 5.3%, and there was even optimism at the beginning of the year that there could be rate cuts at some point this year.&nbsp;</p> 
<p>However, with inflation continuing to stay well above the Central Bank’s target of 2%, there is a growing feeling that they might be forced to take drastic measures at some point. That is ultimately not good for Bitcoin’s price, especially since different crypto analysts <a href="https://www.newsbtc.com/news/bitcoin/fundstrat-exec-bitcoin-150000/">gave bullish predictions</a> partly based on their assumption that there would be several rate cuts this year.&nbsp;</p> 
<h2 id="spot-bitcoin-etfs-are-back-in-the-red">Spot Bitcoin ETFs Are Back In The Red</h2> 
<p>The <a href="https://bitcoinist.com/these-new-spot-bitcoin-etfs-now-hold-nearly-of-btc/" rel="nofollow">Spot Bitcoin ETFs</a> have also contributed to Bitcoin’s recent decline. These investment funds experienced a net outflow on April 8 and 9, leading to a significant Bitcoin dump on the market. Specifically, these outflows came from the <a href="https://bitcoinist.com/gbtc-bitcoin-reaches-largest-discount-ever/" rel="nofollow">Grayscale Bitcoin Trust (GBTC)</a>, which recorded an outflow of <a href="https://x.com/FarsideUK/status/1777542923363430592" rel="nofollow">$303.3 million</a> and <a href="https://x.com/FarsideUK/status/1777905671461122453" rel="nofollow">$154.9 million</a> on April 8 and 9, respectively.&nbsp;</p> 
<p>Meanwhile, the <a href="https://bitcoinist.com/bitcoin-whale-profits-mixed-spot-btc-etf-flows/" rel="nofollow">other Spot Bitcoin ETFs</a> have not recorded impressive inflows during this period, which shows their demand has slowed. For context, 6 out of the 10 Spot Bitcoin ETFs (excluding GBTC) recorded zero inflows on April 9, while 5 out of 10 recorded zero inflows on April 8. <a href="https://bitcoinist.com/blackrock-bitcoin-etf-broadens-reach/" rel="nofollow">BlackRock’s iShares Bitcoin Trust (IBIT)</a> also recorded a relatively low inflow of $21.3 million that day.&nbsp;</p> 
<p>At the time of writing, Bitcoin is trading at around $69,300, down over 2% in the last 24 hours, according to data from CoinMarketCap.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/EpyhThhp/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530"></p>

Here Are The Drivers Behind The Bitcoin Price Crash To $68,000

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