GBTC profit-taking almost concluded, JPMorgan says
JPMorgan analysts said in a note on Thursday that Bitcoin’s downside pressure could be easing amid a downtrend in GBTC outflows. Grayscale’s GBTC has seen over $4.3 billion in outflows amid profit-taking. Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level. The selling pressure that hit Bitcoin ( BTC ) in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at JPMorgan . A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with Grayscale ’s G BTC shows the expected profit-taking has already occurred. GBTC outflows reducing, but… 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 o...