{"id":10159,"date":"2024-01-26T12:19:18","date_gmt":"2024-01-26T10:19:18","guid":{"rendered":"https:\/\/forklog.com\/en\/jpmorgan-foresees-bitcoin-stabilization-as-gbtc-sales-dwindle\/"},"modified":"2024-01-26T12:19:18","modified_gmt":"2024-01-26T10:19:18","slug":"jpmorgan-foresees-bitcoin-stabilization-as-gbtc-sales-dwindle","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/jpmorgan-foresees-bitcoin-stabilization-as-gbtc-sales-dwindle\/","title":{"rendered":"JPMorgan Foresees Bitcoin Stabilization as GBTC Sales Dwindle"},"content":{"rendered":"<p>The downward trend of Bitcoin appears limited as profit-taking in <span data-descr=\"Grayscale Bitcoin Trust ETF\" class=\"old_tooltip\">GBTC<\/span> has largely concluded, according to JPMorgan analysts, reports <a href=\"https:\/\/www.theblock.co\/post\/274514\/bitcoin-btc-price-jpmorgan-gbtc\">The Block<\/a>.<\/p>\n<p>This assessment is based on the $4.3 billion outflow from the product since its conversion from a trust to an ETF, surpassing the bank&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/jpmorgan-predicts-shift-from-gbtc-to-other-bitcoin-etfs\">forecast of $3 billion<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-889.webp\" alt=\"1-889\" class=\"wp-image-224768\"\/><figcaption class=\"wp-element-caption\">Inflows and outflows dynamics in spot Bitcoin ETFs. Data: The Block.<\/figcaption><\/figure>\n<p>Bloomberg analyst Eric Balchunas also noted the slowdown in GBTC fund withdrawals.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a> outflows today were \u2018only\u2019 $425m, lowest bleed since day one and seemingly trending down. That said it\u2019s still a pretty large number. Source: Bloomberg terminal<\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1750310800793952757?ref_src=twsrc%5Etfw\">January 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Today&#8217;s outflow was \u2018only\u2019 $425 million, the lowest since day one. There is clearly a downward trend. Nevertheless, it&#8217;s still quite a large figure,&#8221;<\/em> he wrote.<\/p>\n<\/blockquote>\n<p>JPMorgan noted that outflows from Grayscale&#8217;s Bitcoin ETF could persist without a reduction in its management fee.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;GBTC has two new competitors <\/em>\u2014<em> BlackRock and Fidelity. They have attracted $1.9 billion and $1.8 billion respectively. Both have much lower fees <\/em>\u2014<em> only 25 basis points compared to Grayscale&#8217;s 150 basis points,&#8221;<\/em> the review stated.<\/p>\n<\/blockquote>\n<p>Experts also highlighted the increased market depth and liquidity in the digital gold market following the launch of these products, which has improved pricing efficiency.<\/p>\n<p>Matrixport analysts identified GBTC sales and restrained interest in spot Bitcoin ETFs from <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span> as drivers for the anticipated price drop to the support level of $36,739. They believe prices will rebound from this level as overall liquidity and the macroeconomic environment remain favorable.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A January 26 Matrixport research report predicted that Bitcoin will fall to the support level of $36,739, and the price will rebound from this support level, as the overall liquidity and macro environment remain supportive. It noted that TradeFi\u2019s interest in a Bitcoin spot ETF\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1750730135865872562?ref_src=twsrc%5Etfw\">January 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitfinex experts identified the $36,000 level as a benchmark for the end of the correction.<\/p>\n<p>Technical analyst Ali illustrated price patterns from the last two cycles of the leading cryptocurrency and suggested a further decline in the coin&#8217;s rate. He does not rule out a drop to $32,700.<\/p>\n<p>Former BitMEX CEO Arthur Hayes previously stated that Bitcoin could fall to $35,000 in the short term amid &#8220;excessive&#8221; inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The downward trend of Bitcoin appears limited as profit-taking in GBTC has largely concluded, according to JPMorgan analysts, reports The Block. This assessment is based on the $4.3 billion outflow from the product since its conversion from a trust to an ETF, surpassing the bank&#8217;s forecast of $3 billion. Inflows and outflows dynamics in spot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1214,229,989,1138,1253],"class_list":["post-10159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-grayscale-bitcoin-trust","tag-jpmorgan","tag-matrixport","tag-opinions","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10159"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10158"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}