Crypto Market Remains Focused on Spot Bitcoin ETF Flows Over Fundamentals: Coinbase

. This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

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Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.This is separate from the 30.9 million shares Genesis pledged in collateral to borrow $1.2 billion from Gemini Earn users in the third quarter of 2022, the report noted. Gemini has settled with Genesis to return those assets in kind and payment is expected in a few weeks, following court approval.
Coinbase said it's not clear whether the recent GBTC outflows are linked to these sales, and that “we can only infer that the size and scope of the change in GBTC shares outstanding coincide with recent developments on Genesis’ payment obligations.”
“More importantly, given that the majority of creditor payments will be made in crypto and not cash, the market effect on bitcoin performance should eventually be net neutral,” the report added.
STORY CONTINUES BELOW

Recommended for you:

Read more: Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Edited by Sheldon Reback.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.