Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

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 <p>According to a report by JPMorgan, a significant number of Grayscale Bitcoin Trust (GBTC) shares were sold at a discount to net asset value (NAV) in 2023. As per the bank, the rise in sales of discounted GBTC is in anticipation that the investment vehicle will convert into a spot Bitcoin (BTC) ETF (Exchange Traded Fund).</p>
 <p>According to JPMorgan, GBTC has seen $2.5 billion of inflows since the beginning of the year. Moreover, the bank notes that the amount will increase to $2.7 billion if considering short interest.</p>
 <p><strong>Also Read: Bitcoin: El Salvador Team to Visit Argentina To Discuss BTC Plans</strong></p>
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 <p>As per the analysts, led by Nikolaos Panigirtzoglou, <strong>‘Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7b would come out of GBTC as these investors take profit once GBTC gets converted.’</strong></p>
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 <h3 class="wp-block-heading" id="h-will-bitcoin-s-price-take-a-hit">Will Bitcoin’s price take a hit?</h3>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="702" src="https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp" alt class="wp-image-112998" srcset="https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 1024w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 300w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 768w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 1536w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 380w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 550w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 800w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 1160w, https://cdn.thebittimes.com/images/2023/11/25/a85798c2998aabf992a4523a3c866d11.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>According to the analysts, if the $2.7 billion exits the market, it could put downward pressure on BTC. However, if the amount goes into other BTC investment vehicles, there will be less pressure on the price. Nonetheless, the bank anticipates some of the $2.7 billion to exit the market. The outflow of funds could negatively impact BTC’s price.</p>
 <p><strong>Also Read: BlackRock Joins Grayscale in Spot Bitcoin ETF Pursuit: Talks with SEC</strong></p>
 <p>However, other analysts anticipate a bull run for the crypto market in early 2024, fueled by Bitcoin’s (BTC) halving. Moreover, there is a possibility that the SEC (Securities and Exchange Commission) will approve a spot BTC ETF next year. Both developments could push BTC’s price to new heights. Investors have been asking for a spot BTC ETF for a long time. If approved, the asset could see a surge in institutional investments. Institutional interest is one of the biggest drivers for mass adoption.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-gbtc-may-lose-2-7b-if-etf-approved-jpmorgan-tbt71571.html">https://thebittimes.com/bitcoin-gbtc-may-lose-2-7b-if-etf-approved-jpmorgan-tbt71571.html</a></p>

Bitcoin: GBTC May Lose $2.7B If ETF Approved: JPMorgan

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