"Spot Bitcoin ETF Flows Drive Crypto Market Amid Record GBTC Outflows"
The cryptocurrency market is closely monitoring the outflows from spot bitcoin exchange-traded funds (ETFs) rather than focusing on fundamentals, as the recently approved products saw their first week of net outflows in two months. Coinbase reported that the Grayscale Bitcoin Trust (GBTC) experienced $1.83 billion in outflows over four days, with potential selling pressure coming from the bankruptcy estate of Genesis Global. Despite the uncertainty surrounding the recent outflows, Coinbase suggested that the majority of creditor payments being made in crypto rather than cash should eventually have a net neutral effect on bitcoin performance.