{"id":459581,"date":"2023-11-24T09:54:29","date_gmt":"2023-11-24T09:54:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=459581"},"modified":"2023-11-24T16:55:11","modified_gmt":"2023-11-24T16:55:11","slug":"grayscale-bitcoin-trust-faces-2-7-billion-outflow-threat-on-bitcoin-etf-conversion-that-may-trigger-severe-bitcoin-price-drop-jpmorgan","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/grayscale-bitcoin-trust-faces-2-7-billion-outflow-threat-on-bitcoin-etf-conversion-that-may-trigger-severe-bitcoin-price-drop-jpmorgan","title":{"rendered":"Grayscale Bitcoin Trust Faces $2.7 Billion Outflow Threat On Bitcoin ETF Conversion That May Trigger Severe Bitcoin Price Drop: JPMorgan"},"content":{"rendered":"
The Grayscale Bitcoin Trust (GBTC) may see outflows of $2.7 billion if it is converted into a spot Bitcoin ETF (exchange-traded fund), potentially putting ”severe downward pressure” on the Bitcoin price, JPMorgan said.<\/span><\/p>\n It says GBTC<\/a> has attracted about $2.7 billion this year from investors attracted to it by its deep discount to net asset value and in anticipation of its conversion to a spot Bitcoin product.<\/span><\/p>\n “Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7b would come out of GBTC as these investors take profit once GBTC gets converted,” said analysts led by Nikolaos Panigirtzoglou. ”If this $2.7 billion exits completely the Bitcoin space then such an outflow would of course put severe downward pressure on Bitcoin prices.”<\/p>\n ☕️ GM! Here are the top news in #Crypto<\/a> for the past 24 hours<\/p>\n 🟠 JPMorgan predicts Grayscale Bitcoin Trust (GBTC) could face $2.7 billion outflows upon conversion to a spot Bitcoin ETF.<\/p>\n 🟠 Ex-Binance CEO Changpeng Zhao's account restricted on social media platform X after…<\/p>\n — VirtualBacon🦇🔊 (@VirtualBacon0x) November 24, 2023<\/a><\/p><\/blockquote>\n\n