Coinbase Analysts Say Bitcoin Selling Pressure Over as FTX GBTC Sale Ends

• Coinbase analysts indicate potential relief from Bitcoin selling pressure.
• Over $1.46 billion flowed into U.S. Bitcoin ETFs, signaling renewed interest.
• Bitcoin has displayed resilience, posting a 3.5% gain in the past week.

In a recent assessment, analysts at Coinbase have noted a promising trend in the cryptocurrency market. In particular, they suggested that the downward pressures on Bitcoin and other digital assets may be nearing exhaustion. 

This insight came in Coinbase’s Weekly Market report released on Friday, providing hope for investors amid recent market turbulence. Chinese reporter Colin Wu called attention to this report on X.

The report highlighted several key developments contributing to this shift in sentiment. Foremost among them was the conclusion of FTX’s sale of its considerable Grayscale GBTC holdings. …

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