JP Morgan predict easing selling pressure on Bitcoin as Grayscale profit taking stabilizes ...Middle East

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JP Morgan says in a note on Thursday that the bulk of the profit taking selling in Grayscale’s bitcoin ETF (GBTC) is likely to have been completed and that selling p[pressure on BTC should now ease. JPM had previously projected around US$3bn would depart GBTC as investors took profit on the ETF trading below the value of bitcoinJPM estimates about US$1.3bn shifted from GBTC to other spot bitcoin ETFs (with lower fees).Given $4.3b has come out already from GBTC, we conclude that GBTC profit taking has largely happened already this would imply that most of the downward pressure on bitcoin from that channel should be largely behind us***Before its conversion to an ETF, GBTC was one of the few w

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JP Morgan predict easing selling pressure on Bitcoin as Grayscale profit taking stabilizes ...Middle East

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