2024

Bitcoin

James

<div class="coinjournal">
 <ul>
 <li dir="ltr">JPMorgan analysts said in a note on Thursday that Bitcoin’s downside pressure could be easing amid a downtrend in GBTC outflows.</li>
 <li dir="ltr">Grayscale’s GBTC has seen over $4.3 billion in outflows amid profit-taking.</li>
 <li dir="ltr">Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level.</li>
 </ul>
 The selling pressure that hit Bitcoin (<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>) in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at <a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a>.
 A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s G<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> shows the expected <a rel="noopener noreferrer nofollow" title="profit-taking" href="https://thebittimes.com/tag/profit-taking.html">profit-taking</a> has already occurred.
 <h2 dir="ltr" id="gbtc-outflows-reducing-but">GBTC outflows reducing, but…</h2>
 On Wednesday, January 24, GBTC outflows hit $425 million for the day, a scenario Bloomberg’s senior ETF analyst Eric Balchunas said was the “lowest bleed since day one.” While still a large figure, the amount decline showed the outflows were “seemingly trending down,” he added.
 On January 25, Balchunas noted that while GBTC outflows had continued to trend down, the other ETFs had also recorded a significant dip in inflows.&nbsp;
 According to James Seyffart, BlackRock took in only $66 million on day 9 of its IBIT spot ETF trading, with the group of spot Bitcoin ETFs that began trading on January 11 seeing a net outflow of $158 million.
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 The good news: GBTC outflows trending down. The bad news: so are the Nine's. That leaves us with TOTAL ROLLING NET FLOWS of +$824m. Also $ARKB and $BITB crossing half a billion is remarkable. For any normal launch in first month that's considered blockbuster-level success. https://t.co/jPtlxhMtwP
 — Eric Balchunas (@EricBalchunas) January 25, 2024
 </blockquote>
 
 But in their note, JPMorgan says that with $4.3 billion in outflows so far, GBTC has surpassed analysts’ estimates of $3 billion. Given this outlook, it is possible the rough patch occasioned by the GBTC hemorrhage is done, Panigirtzoglou wrote.&nbsp;
 Bitcoin price traded at $39,878 at 1:30 pm ET on Thursday, still struggling to reclaim the $40k mark after Wednesday’s dump to lows of $38,600. The current price level sees <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> hover nearly 20% down since breaking lower from highs of $49k.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gbtc-profit-taking-almost-concluded-jpmorgan-says-tbt77777.html">https://thebittimes.com/gbtc-profit-taking-almost-concluded-jpmorgan-says-tbt77777.html</a>

GBTC profit-taking almost concluded, JPMorgan says

목차

TheBitTimes

2024년 1월 25일에 게재된 다른 기사

Court Denies Changpeng Zhao’s Fourth Attempt to Flee the US: Report

Crypto Continues to Struggle as BTC Remains Below $40,000 Amidst Key US Economic Data

Crypto Trader Exposes Ape Terminal Fraud

Common Wealth reveals the industry-leading All Street Oracles behind the revolutionary protocol

Trio of Crypto Analysts Flip Bearish on Solana, Unanimously Agree on Downside Price Target for SOL

New Upcoming Cryptocurrency Priced in Cents Set To Reach $10 in 2024

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!