8 months ago
Global concern slope JPMorgan says that profit-taking from Grayscale’s bitcoin spot (GBTC) has mostly happened already. “This would connote that astir of the downward unit connected bitcoin from that transmission should beryllium mostly down us,” the bank’s expert explained.
JPMorgan’s Bitcoin Price Outlook
Global concern slope JPMorgan weighed successful connected the crypto marketplace again this week pursuing a bitcoin selloff that saw the terms of BTC dropping from supra $47K earlier the spot bitcoin exchange-traded money (ETF) approvals to beneath $39K this week.
The bitcoin selloff is accompanied by monolithic outflows from Grayscale’s bitcoin spot (GBTC), which converted into a spot bitcoin ETF pursuing the support by the U.S. Securities and Exchange Commission (SEC) connected Jan. 10. Since Jan. 12, GBTC’s bitcoin holdings person decreased by 114,367.39 BTC, equivalent to $4.77 billion, based connected the BTC speech rates arsenic of Jan. 27.
On Thursday, JPMorgan strategist Nikolaos Panigirtzoglou said: “Given $4.3b has travel retired already from GBTC, we reason that GBTC nett taking has mostly happened already.” The expert added:
This would connote that astir of the downward unit connected bitcoin from that transmission should beryllium mostly down us.
Last week, Panigirtzoglou predicted that $3 cardinal would exit GBTC, gathering connected his earlier estimation that up to $3 cardinal had been invested into GBTC successful the secondary marketplace during 2023 to instrumentality vantage of the discount to NAV. He explained that arsenic this $3 cardinal leaves the bitcoin abstraction done GBTC profit-taking, bitcoin’s terms volition look downward pressure.
Sharing a akin view, Needham’s John Todaro said successful a enactment that Thursday “registered 1 of the lowest days successful nett outflows from GBTC and the 3rd consecutive time of declining outflows, which could bespeak the opening of a slowdown successful redemptions.” He emphasized: “While it has been hard to quantify however overmuch much should travel retired of GBTC, we judge 2 of the largest drivers of selling [– outflows driven by the FTX property and arbitrage funds –] are astir done.”
This week, different JPMorgan analyst, Kenneth Worthington, said: “We deliberation the catalyst successful bitcoin ETFs that has pushed the ecosystem retired of its wintertime volition disappoint marketplace participants.” The concern slope downgraded Coinbase banal (Nasdaq: COIN) from Neutral to Underweight.
Do you deliberation JPMorgan expert Nikolaos Panigirtzoglou is close astir the terms of bitcoin? Let america cognize successful the comments conception below.
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