Exchange outflows: Why is Coinbase bleeding?

I noticed that Coinbase is in deep red on the Nansen Pro exchange flows monitoring tool. Having negative netflow that even beats Binance after the settlement news. What do you think is the reason for this? Coinbase is meant to be the custodian of BTC for some of the ETF providers, so this generally strengthens the case for the exchange.

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Source: Nansen Pro

Disclaimer > Data for ETH, BNB, Polygon, Avalanche, and Fantom chains (so excluding BTC). I have seen reports that there have been significant inflows of BTC to Coinbase, but Nansen does not monitor this.