Coinbase: Genesis is approved to sell its GBTC shares without disrupting the crypto market.

According to BlockBeats news on February 18th, Coinbase believes that Genesis' approval to sell its GBTC shares will not disrupt the cryptocurrency market. Coinbase stated in its weekly report that while it is unclear where the additional GBTC outflows will go (whether they will flow into other spot Bitcoin ETFs or directly into Bitcoin to repay creditors), the company believes that these funds may stay within the cryptocurrency ecosystem, thus having a neutral overall impact on the market. Previously on February 14th, a bankruptcy judge approved Genesis' liquidation of approximately $1.3 billion worth of GBTC as part of its efforts to repay creditors.