Coinbase (COIN) Reports Strong Earnings, ETF Benefits Could Surprise Wall Street, Analysts Say.

He notes that outflows from ETFs led by Grayscale’s Bitcoin Trust (GBTC) have outpaced inflows of funds for which Coinbase provides custodial services, dragging down Coinbase’s ETF-related assets under management (AUM). Moreover, after the initial excitement surrounding the ETF launch, spot trading volume on exchanges has slowed, Dolev said.