TechFlow news — In a report released Thursday, JPMorgan analyst Nikolaos Panigirtzoglou's team stated that if GBTC investors continue to take profits, bitcoin prices could face downward pressure in the coming weeks.
Since GBTC's conversion into a spot bitcoin ETF last week, outflows have exceeded $1.5 billion. JPMorgan estimates that total outflows from GBTC could reach as high as $3 billion, primarily driven by speculative investors taking profit.
The report noted that if the previously forecasted $3 billion outflow proves accurate, combined with the already observed $1.5 billion outflow, an additional $1.5 billion could exit the bitcoin market through profit-taking via GBTC, potentially exerting further downward pressure on bitcoin prices in the coming weeks.
