Coinbase: Surge in GBTC Net Outflows Linked to Bankruptcy Liquidation, Market Focuses on ETF Fund Flows Rather Than Fundamentals

According to CoinShares data, after seven consecutive weeks of record-breaking inflows totaling $12.3 billion, cryptocurrency financial products experienced net outflows for the first time last week, setting a record net outflow of nearly $1 billion. Among them, outflows from GBTC significantly increased last week, with the fund seeing a total outflow of $1.83 billion in four days, which pushed the net outflows from Bitcoin spot ETF to $836 million last week. In such a market environment, the price of Bitcoin briefly dropped to $61,000.