JPMorgan: GBTC Profit-Taking Largely Over, Bitcoin Downside Pressure Limited
Analysts at JPMorgan expect further declines in bitcoin to be limited as profit-taking on GBTC is largely over. Bitcoin prices have fallen more than 20 per cent in the past two weeks following the approval of a spot bitcoin ETF in the US. Profit cashing by GBTC investors led to the fall in bitcoin prices, but the worst seems to be over, analysts said. Despite the positive outlook, analysts warn that if GBTC's 1.5 per cent fee isn't lowered soon, the fund could see continued outflows and lose market share to competitors.
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