The post Relief in Sight: JPMorgan Analysts Report Easing GBTC Sell-Off appeared first on Coinpedia Fintech News
JPMorgan analysts think the big wave of people cashing out profits from Grayscale’s Bitcoin Trust (GBTC) is pretty much done. This might be good news for Bitcoin’s price, which has been hovering around $40,778. Grayscale’s fund has been selling off since it converted to an ETF on January 11, and about $4.3 billion has left. JPMorgan says this selling frenzy could be easing up, taking off some of the pressure on Bitcoin’s value.
Let’s get into the real insight into what the actual GBTC profit-taking means for you.
JPMorgan Analysis: GBTC Profit-Taking Winding Down
The bank says that bitcoin prices have dropped more than 20% and now sitting at $40K in the two weeks since spot bitcoin exchange-traded funds (ETFs) were launched in the U.S. They say that buyers who bought GBTC at a discount were taking profits, which was a major cause of the drop. Moreover, the anal
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