GBTC Bitcoin Selling Pressure Likely Over, Clearing Path for ETFs: JPMorgan
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Grayscale's GBTC likely finished most of its profit-taking selling pressure on bitcoin, easing further declines according to JPMorgan.
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Bitcoin dropped 20% over 2 weeks after US spot bitcoin ETFs launched partly due to GBTC profit-taking selling.
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GBTC was previously one of the only ways for US investors to gain bitcoin exposure without direct ownership.
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An estimated $4.3 billion has already flowed out of GBTC from profit-taking, concluding the worst selling pressures.
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Outflows from GBTC to cheaper spot bitcoin ETFs continue and may accelerate if other ETFs grow, per JPMorgan.