Coinbase: Surge in Net Outflows of GBTC Linked to Bankruptcy Liquidation, Market Focuses on ETF Capital Flow Instead of Fundamentals

According to data from CoinShares, after a record-breaking 7-week inflow totaling $12.3 billion, cryptocurrency financial products saw net outflows for the first time last week, setting a record for outflows at nearly $1 billion. Among them, the outflows from GBTC significantly increased last week, with the fund seeing a total outflow of $1.83 billion in just four days, pushing the net outflows from Bitcoin spot ETF to $836 million. In such a market environment, the price of Bitcoin briefly dropped to $61,000.