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:

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”


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

This article was written by Eamonn Sheridan at Source