{"id":25829,"date":"2024-01-25T19:29:12","date_gmt":"2024-01-25T19:29:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gbtc-profit-taking-almost-concluded-jpmorgan-says\/"},"modified":"2024-01-25T19:29:12","modified_gmt":"2024-01-25T19:29:12","slug":"gbtc-profit-taking-almost-concluded-jpmorgan-says","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gbtc-profit-taking-almost-concluded-jpmorgan-says\/","title":{"rendered":"GBTC profit-taking almost concluded, JPMorgan says"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/01\/1706208380442-89b2ce9a-cdd3-4bc9-8d8b-740f397d5ad3-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/01\/1706208380442-89b2ce9a-cdd3-4bc9-8d8b-740f397d5ad3-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/01\/1706208380442-89b2ce9a-cdd3-4bc9-8d8b-740f397d5ad3-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/01\/1706208380442-89b2ce9a-cdd3-4bc9-8d8b-740f397d5ad3-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">JPMorgan analysts said in a note on Thursday that Bitcoin\u2019s downside pressure could be easing amid a downtrend in GBTC outflows.<\/li>\n<li dir=\"ltr\">Grayscale\u2019s GBTC has seen over $4.3 billion in outflows amid profit-taking.<\/li>\n<li dir=\"ltr\">Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level.<\/li>\n<\/ul>\n<p dir=\"ltr\">The selling pressure that hit <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin (BTC)<\/a> in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at JPMorgan.<\/p>\n<p dir=\"ltr\">A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with <a href=\"https:\/\/coinjournal.net\/news\/tag\/grayscale\/\">Grayscale<\/a>\u2019s GBTC shows the expected profit-taking has already occurred.<\/p>\n<h2 dir=\"ltr\">GBTC outflows reducing, but\u2026<\/h2>\n<p dir=\"ltr\">On Wednesday, January 24, GBTC outflows hit $425 million for the day, a scenario Bloomberg\u2019s senior ETF analyst Eric Balchunas said was the \u201clowest bleed since day one.\u201d While still a large figure, the amount decline showed the outflows were \u201cseemingly trending down,\u201d he added.<\/p>\n<p dir=\"ltr\">On January 25, Balchunas noted that while GBTC outflows had continued to trend down, the other ETFs had also recorded a significant dip in inflows.\u00a0<\/p>\n<p dir=\"ltr\">According to James Seyffart, BlackRock took in only $66 million on day 9 of its IBIT spot ETF trading, with the group of spot Bitcoin ETFs that began trading on January 11 seeing a net outflow of $158 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The good news: GBTC outflows trending down. The bad news: so are the Nine&#8217;s. That leaves us with TOTAL ROLLING NET FLOWS of +$824m. Also <a href=\"https:\/\/twitter.com\/search?q=%24ARKB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ARKB<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24BITB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BITB<\/a> crossing half a billion is remarkable. For any normal launch in first month that&#8217;s considered blockbuster-level success. <a href=\"https:\/\/t.co\/jPtlxhMtwP\">https:\/\/t.co\/jPtlxhMtwP<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1750549204399800455?ref_src=twsrc%5Etfw\">January 25, 2024<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">But in their note, JPMorgan says that with $4.3 billion in outflows so far, GBTC has surpassed analysts\u2019 estimates of $3 billion. Given this outlook, it is possible the rough patch occasioned by the GBTC hemorrhage is done, Panigirtzoglou wrote.\u00a0<\/p>\n<p dir=\"ltr\">Bitcoin price traded at $39,878 at 1:30 pm ET on Thursday, still struggling to reclaim the $40k mark after Wednesday\u2019s dump to lows of $38,600. The current price level sees BTC hover nearly 20% down since <a href=\"https:\/\/coinjournal.net\/news\/sei-sui-rune-slump-as-bitcoin-drops-amid-grayscale-dump\/\">breaking lower from highs of $49k<\/a>.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/gbtc-profit-taking-almost-concluded-jpmorgan-says\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) JPMorgan analysts said in a note on Thursday that Bitcoin\u2019s downside pressure could be easing amid a downtrend in GBTC outflows. Grayscale\u2019s GBTC has seen over $4.3 billion in outflows amid profit-taking. Bitcoin price hovered around $39,800 as bulls struggled to reclaim the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":25830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25829"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25829"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25830"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}