0
Please log in or register to do it.

In a recent report, JPMorgan highlighted a substantial number of Grayscale Bitcoin Trust (GBTC) shares sold at a discount to their net asset value (NAV) in 2023. The increased sales of discounted GBTC are believed to be driven by expectations that this investment vehicle will transition into a spot Bitcoin (BTC) Exchange Traded Fund (ETF).

 

JPMorgan’s findings reveal that GBTC has witnessed $2.5 billion in inflows since the beginning of the year, with potential for an increase to $2.7 billion when factoring in short interest. Analysts, led by Nikolaos Panigirtzoglou, suggest, “Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7 billion would come out of GBTC as these investors take profit once GBTC gets converted.”

Wallet of Satoshi Pulled from Apple and Google Stores Amidst Surging Bitcoin Lightning Payments
XRP Price Outlook for November 2023.

Your email address will not be published. Required fields are marked *