• Grayscale’s GBTC total cumulative outflows hit $14.15 million
• Coinbase analyst sees GBTC selling linked to Gemini as “net neutral”

The new U.S spot Bitcoin [BTC] ETFs recorded net outflows throughout last week. Grayscale’s GBTC led the outflows, totaling $2.1 billion.

As Q1 2024 inches to an end, there has been a renewed bullish interest over the last 48 hours. In fact, the spot ETFs netted $15.4 million on 25 March. Even so, unfortunately, GBTC outflows persisted into the new week, hitting $350.1 million.

Needless to say, these outflows fueled many concerns across the community. Coinbase analyst David Duong was quick to comment on whether GBTC’s outflows have an impact on Bitcoin’s price action or not.