Selling pressure in bitcoin {BTC}, the world’s largest cryptocurrency, from investors taking profits in crypto investment vehicle, the Grayscale Bitcoin Trust (GBTC), may be largely over, JPMorgan (JPM) said in a research report on Thursday.
The bank notes that bitcoin has dropped over 20% in the two weeks following the launch of spot bitcoin exchange-traded funds (ETFs) in the U.S., and said profit-taking in GBTC by investors who had bought the fund at a discount was a main driver behind the correction.