JPMorgan: Facing profit-taking from GBTC, Bitcoin prices may face greater downward pressure

2024-01-19 08:42:42

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ChainCatcher news, led by JPMorgan analyst Nikolaos Panigirtzoglou, stated in a recent report that GBTC investors continue to take profits, and Bitcoin prices may face greater downward pressure in the coming weeks. It is reported that last week, with GBTC converting to a spot Bitcoin ETF, over $1.5 billion in funds have flowed out. JPMorgan estimates that due to speculative investors potentially taking profits, outflows from GBTC could reach as high as $3 billion.

In this regard, JPMorgan analysts stated, "If the previous estimate of $3 billion proves to be correct, and considering the $1.5 billion that has already flowed out, there could be another $1.5 billion in funds flowing out through GBTC profit-taking, which could further pressure Bitcoin prices in the coming weeks."

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