EFT 📣 What Will The Metaverse Look Like in the Future?
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Bitcoin (BTC) has dropped over 15% to around $41,300 since the first U.S. spot BTC ETFs listed last week, with $1.5 billion flowing out of the Grayscale Bitcoin Trust (GBTC), according to JPMorgan. “It looks like GBTC investors who over the past year had been buying the GBTC fund at a significant discount to NAV to position for its eventual ETF conversion, have been taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs,” analysts wrote. JPMorgan previously estimated that up to $3 billion had been invested in GBTC in the secondary market during 2023 to exploit the trust’s discount to NAV. If this estimate is correct, there could be an additional $1.5 billion to exit the space via profit-taking on GBTC, which will put further pressure on bitcoin prices in the coming weeks.