TechFlow reported, according to Cointelegraph, Coinbase believes that Genesis being allowed to sell its GBTC shares will not disrupt the crypto market. In its weekly report, Coinbase stated that while it remains unclear where the additional outflows from GBTC will go—whether into other spot Bitcoin ETFs or directly into Bitcoin to repay creditors—the company expects these funds are likely to remain within the cryptocurrency ecosystem, resulting in an overall neutral impact on the market.
Previous report, the bankruptcy court has authorized Genesis to monetize its GBTC collateral and return funds to Earn users.
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