Grayscale's GBTC Profit Taking Likely Over, Easing Bitcoin Selling Pressure: JPMorgan
Summary
JPMorgan's report suggests that selling pressure in bitcoin from GBTC investors taking profits may be mostly over. The bank estimates around $4.3 billion has been withdrawn from GBTC, indicating that most profit-taking has occurred. The outflows are likely to continue, especially if Grayscale doesn't reduce its fees and if other spot ETFs gain traction. FTX's bankruptcy estate also sold around $1 billion worth of GBTC, adding to the selling pressure on bitcoin.
