JPMorgan Says GBTC Selloff Is “Behind Us” As ETFs Post Record Net Outflow

Analysts Since J.P. Morgan believe THE majority of "profit socket" Since Shades of grey Bitcoin Trust East NOW likely on, while WE. Bitcoin funds to have just checked in their the biggest day of net exits.

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Investors are likely do with THE bulk of profit taking Since THE Shades of grey Bitcoin Trust (GBTC), which could ease pressure on THE price of Bitcoin (BTC), according to has J.P. Morgan analysts.

He come as every day net exits Since United States place Bitcoin exchange traded funds (AND F) hit A save high on It is ninth day of commerce.

“GBTC profit socket has largely arrived Already," said THE analysts headed by walk strategy manager director Nikolaos Panigirtzoglou In A Jan. 25 walk report. "This would be involve that most of THE down pressure on Bitcoin Since that channel should be largely behind We. »

Shades of grey funds has negotiated has A discount has It is net active value Since early 2021 And THE analysts pin THE funds $4.3 billion exits Since It is conversion has A ETFs on Jan. 11 as “profit taking on previous GBTC investments » And THE reason For Bitcoin almost 20% price drop has NOW trade below $40,000 Since THE launch of several WE. Bitcoin ETF.

Bitcoin price has regularly fallen Since WE. place Bitcoin ETFs approvals on Jan. 11 Source: Cointelegraph Markets Pro

by JPMorgan note come After THE ten approved place Bitcoin AND F saw A net exit of $158 million on Jan. 24, THE the biggest net exit day Since launch, by BitMEX research data sharing on social media platform X on Jan. 25.

Here East THE chart For day 9, with all data outside

Day 9 was pretty weak For black rock, with +$66 million

loyalty carried out GOOD: +$126 million pic.twitter.com/2VzTpZWOKx

— BitMEX Research (@BitMEXResearch)