Investors have likely finished taking most of their profits from Grayscale Bitcoin Trust (GBTC), easing pressure on Bitcoin (BTC) prices, according to JPMorgan analysts. There is a possibility that
This comes after daily net outflows from U.S. physical Bitcoin exchange-traded funds (ETFs) hit a record high on their ninth day of trading.
Analysts led by Nikolaos Panigirtzoglou, Managing Director of Market Strategy, said in a January 25 market report that “GBTC profit-taking has almost already begun.” “This means most of the downward pressure on Bitcoin from that channel should be behind us.”
Grayscale's funds have been trading at a discount to their net asset value since early 2021, with analysts pegging the fund's $4.3 billion outflow since its conversion to an ETF on January 11 as a “lower share of previous GBTC investments.” “Profit taking against Bitcoin,'' he said, pointing out that this is the reason why Bitcoin has almost fallen. Since the launch of multiple US Bitcoin ETFs, prices have fallen 20% and are now trading below $40,000.
JPMorgan's note shows that 10 approved Spot Bitcoin ETFs had net outflows of $158 million on January 24th, according to BitMEX research data shared on social media platform X on January 25th. The announcement was made in response to the release of the game, which was the biggest day of net outflows since its release.
This is the 9th day chart and includes all the data.
Day 9 was very slow for BlackRock, with +$66 million.
Fidelity performs well: +$126 million pic.twitter.com/2VzTpZWOKx
— BitMEX Research (@BitMEXResearch) January 25, 2024
Grayscale ETF recorded $429 million in outflows on January 24th, while BitMEX recently data On January 25th, outflows decreased to $394 million, making it the second-lowest day on record for outflows.
Related: SEC begins proceedings for Grayscale Spot Ether ETF, postpones deadline
According to data compiled by X account CC15Capital on January 24, the amount of Bitcoin ETF holdings held by all 10 funds decreased by 4,610 BTC on that day, to the equivalent of approximately $184 million.
✅ Last update on 1/24 #bitcoin ETF holdings$GBTC I posted the official data, but the actual numbers were very close to my estimates (again)
1/25 data compatible $IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/v9mgg8lZzW
— CC15 Capital (@Capital15C) January 25, 2024
JPMorgan analysts said in a note that BlackRock and Fidelity's Spot Bitcoin ETFs, which have amassed $1.9 billion and $1.8 billion in assets under management, respectively, are “new competitors” for GBTC. He said that there is.
BlackRock's Spot Bitcoin ETF saw inflows on January 24th of just $66.2 million that day, the lowest since its inception, while its Bitcoin stash increased by 1,663 BTC, with a current total of approximately It became 45,700 BTC.
Fidelity's ETF added 3,170 bits on January 24th, increasing the total to 41,319 BTC.
Big question: How can Bitcoin payments make a comeback?
