Bitcoin

Grayscale Bitcoin Trust

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<p class="has-drop-cap">Grayscale’s recently converted Bitcoin Trust (GBTC) witnessed $4.3 billion in outflows since its <a aria-label="conversion to an exchange-traded fund (opens in a new tab)" href="https://www.marketsmedia.com/grayscale-bitcoin-trust-can-convert-to-etf/#:~:text=Shares%20of%20GBTC%20are%20expected,of%20a%20spot%20Bitcoin%20ETF." target="_blank" rel="noopener noreferrer nofollow" class="deco-link">conversion to an exchange-traded fund</a> (ETF) earlier this month. JPMorgan analysts <a aria-label="described (opens in a new tab)" href="https://cointelegraph.com/news/gbtc-sell-off-to-stem-jpmorgan-bitcoin-etfs-record-net-outflows" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">described</a> the outflows as part of investors’ profit-taking efforts on previous GBTC investments and one of the primary catalysts behind the cryptocurrency’s recent dip. But, the bank thinks the bulk of profit-taking is over, propelling BTC to $41,000 on Friday.</p>
<h3 id="bitcoin-etfs-saw-158m-in-single-day-outflows-on-jan-24">Bitcoin ETFs Saw $158M in Single-Day Outflows on Jan. 24</h3>
<p>JPMorgan analysts believe that most profit-taking from the Grayscale Bitcoin Trust (GBTC) is likely over, which could reduce the downward pressure on Bitcoin’s price. BTC jumped above the $41,000 threshold on Friday.</p>
<p>The bank’s remarks come amid a record high in daily net outflows from US spot Bitcoin ETFs after their ninth day of trading.</p>
<p>Since early 2021, the Grayscale fund has been trading at a discount to its net asset value. The $4.3 billion outflows from the fund since its conversion to an ETF on January 11 are attributed to investors cashing in on their earlier GBTC investments.</p>
<blockquote class="wp-block-quote">
 <p>“GBTC profit taking has largely happened already.”</p> <cite>– said JPMorgan’s market strategy managing director Nikolaos Panigirtzoglou in a Jan. 25 market report.</cite>
</blockquote>
<blockquote class="wp-block-quote">
 <p>“This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us.”</p>
</blockquote>
<p>This sell-off is a key factor behind Bitcoin’s recent price drop of nearly 20%, falling below $40,000 following the launch of several spot Bitcoin ETFs in the US. On January 24, JPMorgan’s analysis coincided with a record single-day net outflow of $158 million from the <a href="https://tokenist.com/crypto-stocks-surge-in-premarket-trading-after-spot-bitcoin-etf-approved/" rel="noopener noreferrer nofollow" class="deco-link">ten approved spot Bitcoin ETFs</a>, as reported by BitMEX research on Thursday.</p>
<p>Specifically, Grayscale’s ETF experienced outflows of $429 million on January 24, and according to <a href="https://twitter.com/BitMEXResearch/status/1750657618647924819" target="_blank" aria-label="BitMEX data (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">BitMEX data</a>, these outflows decreased to $394 million, marking its second-lowest outflow day.</p>
<p>Initially, the GBTC was a trust that allowed investors to buy shares representing Bitcoin in a traditional market setting, often trading at a premium or discount to BTC’s actual value. This month, Grayscale received approval from the SEC to convert its fund to a spot Bitcoin ETF, marking the end of a long-standing <a href="https://tokenist.com/bitcoin-up-7-as-grayscale-wins-landmark-case-against-sec/" rel="noopener noreferrer nofollow" class="deco-link">legal battle</a>.</p>
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<h3 id="bitcoin-etfs-are-live-investors-await-4th-halving">Bitcoin ETFs Are Live, Investors Await 4th Halving</h3>
<p>After a <a href="https://tokenist.com/bitcoin-crosses-45000-to-kick-off-its-4th-halving-year/" rel="noopener noreferrer nofollow" class="deco-link">stellar performance in 2023</a>, Bitcoin prices faced a setback this year, sliding almost 7% since January 1.</p>
<p>Institutional endorsements and the recent rise in market prices positively impact the crypto market; some analysts believe that BTC’s price gains stemming from the ETF hype were already priced in before their launch.</p>
<p>The crypto market’s forward-looking nature suggests that traders who bought into rumors may be poised to sell regardless of the actual news. However, JPMorgan believes much of that selling pressure is gone.</p>
<p>In addition, BTC is set to undergo its fourth halving this year, an event that has historically led to notable price surges in the flagship cryptocurrency.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think the Bitcoin halving could lead to another rally in BTC? Let us know in the comments below!</em></strong></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-reclaims-41000-after-jpm-states-gbtc-sell-off-behind-us/">Bitcoin Reclaims $41,000 After JPM States GBTC Sell-Off “Behind Us”</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Reclaims $41,000 After JPM States GBTC Sell-Off “Behind Us”

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