Cryptocurrency

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Grayscale Bitcoin Trust

According to JPMorgan, the downward pressure on the Bitcoin (BTC) price has eased as profit taking on the Grayscale Bitcoin Trust (GBTC) has largely ended.
GBTC has witnessed outflows of $4.3 billion since its conversion to a spot ETF two weeks ago, beating JPMorgan's estimates of around $3 billion. Therefore, profit taking on GBTC is largely complete, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.
According to analysts, the price of Bitcoin has fallen by more than 20% in the last two weeks following the approval of spot Bitcoin ETFs in the US. According to analysts, GBTC investors cashing out their profits caused the decline in Bitcoin's price, but the worst seems to be over now. However, they warned that if GBTC's 1.5% fee is not reduced soon, the fund could experience sustained outflows and lose market share to rivals.
According to analysts, the recent launch of spot Bitcoin ETFs in the US adds a new layer to BTC price discovery, bringing it in line with traditional markets, especially equities, where ETFs are prevalent.
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“While on the face of it, the launch of spot Bitcoin ETFs means greater fragmentation, in practice it will increase market depth and liquidity if ETF experience in traditional asset classes such as stocks is a guide,” the analysts said:
<blockquote>
 “In other words, we expect the emergence of spot BTC ETFs to make the Bitcoin price discovery process more efficient rather than less efficient. Grayscale's BTC ETF appears to have two new competitors: Blackrock and Fidelity, which have attracted $1.9 billion and $1.8 billion in inflows, respectively, so far. “Both have much lower fees of only 25 basis points (without deductible) compared to 150 basis points for GBTC.”
</blockquote>
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/jpmorgan-released-a-new-report-for-the-cryptocurrency-market-selling-pressure-for-bitcoin-has-diminished/" rel="noopener noreferrer nofollow">JPMorgan Released a New Report for the Cryptocurrency Market: “Selling Pressure for Bitcoin Has Diminished”</a>

JPMorgan Released a New Report for the Cryptocurrency Market: “Selling Pressure for Bitcoin Has Diminished”

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