Bitcoin ETFs See First Week of Net Outflows, Grayscale Bitcoin Trust Records $1.83B in Four Days
According to a report by Coinbase, spot bitcoin ETFs experienced their first week of net outflows in two months. The Grayscale Bitcoin Trust saw outflows of $1.83 billion over four days, but it is unclear what caused this surge in selling pressure. One potential source of selling pressure could be from the bankruptcy estate of Genesis Global, which is expected to sell 35.9 million GBTC shares. However, Coinbase notes that the majority of creditor payments will be made in crypto rather than cash, so the market effect on bitcoin performance should eventually be net neutral.
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