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JPMorgan analysts propose that the majority of profit-taking from Grayscale Bitcoin Trust (GBTC) has likely already taken place. This potential reduction in selling pressure could impact the price of Bitcoin positively, especially in light of recent record-high daily net outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) on their ninth day of trading.
The GBTC, which has been consistently trading at a discount to its net asset value since early 2021, experienced significant outflows of $4.3 billion since converting to an ETF on January 11. Analysts attribute this trend to investors taking profits from previous GBTC investments, contributing to Bitcoin's price drop of nearly 20%, bringing it below $40,000 since the approval of multiple U.S. Bitcoin ETFs.
On January 24, the ten approved spot Bitcoin ETFs witnessed a notable net outflow of $158 million, marking the largest outflow since their launch. Grayscale's ETF recorded $429 million in outflows on the same day, decreasing to $394 million on January 25, marking its second-lowest outflow day on record.
Data for January 24 indicates that all ten funds collectively experienced a decrease of 4,610 BTC, valued at nearly $184 million, in Bitcoin ETF holdings. BlackRock's spot Bitcoin ETF saw its lowest inflow since launch, with only $66.2 million on January 24, despite increasing its Bitcoin holdings by 1,663 BTC.
These developments raise intriguing questions about the future trajectory of Bitcoin payments.
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