JPMorgan analysts stated that profit taking transactions in Grayscale Bitcoin Trust (GBTC) have come to an end and the selling pressure on Bitcoin has decreased.
Banking giant JPMorgan analysts commented on the current impact of the spot Bitcoin ETF process on the cryptocurrency market. Analysts say it has been converted into a spot Bitcoin ETF by investment firm Grayscale. Grayscale Bitcoin Trust (GBTC) in the background Profit taking is almost over and after that It cannot create serious selling pressure on Bitcoin he emphasized.
Spot Bitcoin ETFs approved January 10 in GBTC fund since $4.3 billion exit happened, and this enormous figure JPMorgan analysts $3 billion exit It even surpassed his prediction. One of the actors who made the largest transactions on GBTC was the cryptocurrency exchange, which went bankrupt with sales of $ 1 billion. FTX had happened.
On the other hand, analysts say that the GBTC fund 1.5% transaction fee stating that it is very high compared to other ETFs. sales can continue He warned about. However, these sales It will not be as voluminous as seen in the first week. and it was stated that it would represent some small exits:
GBTC may witness continued sales in the coming period due to high transaction fees and may lose market share to its competitors. However, these sales will not be as voluminous as seen in the first days. GBTC appears to have two new competitors: Blackrock and Fidelity, which have attracted $1.9 billion and $1.8 billion in inflows so far, respectively. Both have much lower transaction fees of just 25 basis points (without waiver) versus 150 basis points for GBTC.