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Grayscale recently transformed its GBTC fund into a spot BTC ETF following the SEC’s historic approval. JPMorgan analyst Nikolaos Panigirtzoglou points out that BTC’s value dropped by 10% after the launch of the spot BTC ETF, attributing it to profit-taking and buy the rumor/sell the fact dynamics.

 

 

 

Since January 12, Grayscale’s Bitcoin fund, GBTC, has witnessed outflows exceeding $2 billion. Panigirtzoglou warns that these outflows may exert additional downward pressure on bitcoin prices in the coming weeks. He suggests that if the previous estimate of $3 billion proves accurate, with $1.5 billion already withdrawn, there could be an additional $1.5 billion exiting the bitcoin market through profit-taking on GBTC.

 

 

Bitcoin’s price is teetering on the edge of falling below $41,000, having experienced a 1.3% decrease in the last 24 hours, a 3.5% decline over the previous week, and a 5.7% drop since December.

 

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