JP Morgan says there is plenty more downside for Bitcoin – more ‘sell the fact’ to come

Everyone was screaming “sell the fact!” on the ETF approval news.

Its been ongoing:

• ETF buyers caught holding the bag as bitcoin nears $40,000

JPM says there is more downside pressure ahead for BTC. Last week JPM guesstimated that there was up around US$3bn in GBTC (Grayscale Bitcoin) outflows ready to hit with traders/investors likely to take profits.

• “If the previous $3 billion estimate proves correct and given $1.5 billion has exited already, then there could be an additional $1.5 billion still to exit the bitcoin space via profit-taking on GBTC, thus putting further pressure on bitcoin prices over the coming weeks”

Update:

The folks enamoured of BTC will be able to scoop ’em up cheaper.

This article was written by Eamonn Sheridan at www.forexlive.com. Source