TechFlow reported that Coinbase (COIN) said in a research report on Friday that the cryptocurrency market remains focused on spot Bitcoin exchange-traded fund (ETF) flows rather than fundamentals.
Analysts David Duong and David Han wrote that in previous weeks, inflows into other spot ETFs offset outflows from GBTC, indicating "some capital rotation was taking place at the time." GBTC charges higher fees than other funds.
The report added, "More importantly, given that most creditor payments will be made in cryptocurrency rather than cash, the impact on Bitcoin's performance should ultimately be net neutral."
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