Crypto Market Remains Focused on Spot Bitcoin ETF Flows Over Fundamentals: Coinbase

Outflows from the Grayscale Bitcoin Trust reached $1.83 billion over 4 days, Coinbase noted.recently approved

products saw their first week of net outflows in two months, Coinbase said in a research report on Friday.There is little insight into what drove the surge in outflows from the Grayscale Bitcoin Trust , which reached $1.83 billion in total over four days, the report said. In previous weeks, positive inflows into other spot ETFs more than offset outflows from GBTC, suggesting “some capital rotation at that time,” analysts David Duong and David Han wrote. GBTC chargesThis is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted.

“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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