Analysts from JPMorgan believe the majority of “profit taking” from Grayscale’s Bitcoin Trust is now likely over, while U.S. Bitcoin funds have just recorded their biggest day of net outflows.
Investors are likely done with the bulk of profit-taking from the Grayscale Bitcoin Trust (GBTC), which could ease pressure on the price of Bitcoin (BTC), according to JPMorgan analysts.
It comes as daily net outflows from United States spot Bitcoin exchange-traded funds (ETFs) hit a record high on its ninth day of trading.
“GBTC profit taking has largely happened already,” said the analysts headed by market strategy managing director Nikolaos Panigirtzoglou in a Jan. 25 market report. “This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us.”
