Coinbase Report: Recent GBTC Selling Pressure May Stem from Genesis Liquidation Bankruptcy Assets

ChainCatcher message, according to a report released by Coinbase last Friday, the cryptocurrency market has recently focused more on the fund flows of spot Bitcoin ETFs rather than their fundamentals. The report noted that after two months of net inflows, spot Bitcoin ETFs recorded their first net outflow, with a net outflow of $836 million from March 18 to March 21. During this period, the price of Bitcoin briefly fell below $63,000. In particular, the total outflow from Grayscale Bitcoin Trust (GBTC) reached $1.83 billion within four days, and the specific reasons for this in the market remain unclear. Analysts believe that the possible selling pressure may stem from the liquidation of Genesis Global's bankrupt assets, involving the sale of approximately 35.9 million GBTC shares.

Coinbase stated that while it cannot currently confirm a direct link between the net outflow of GBTC and these sales, it can be inferred that the scale and scope of the changes in GBTC shares are consistent with the latest developments in Genesis's payment obligations. The report also emphasized that considering most creditor payments will be made in cryptocurrency rather than cash, the impact on Bitcoin market performance should ultimately be neutral.