{"id":4495,"date":"2021-06-24T09:23:49","date_gmt":"2021-06-24T08:23:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=4495"},"modified":"2021-06-24T13:17:32","modified_gmt":"2021-06-24T12:17:32","slug":"jpmorgan-analyst-said-the-grayscale-bitcoin-trust-can-put-further-downward-pressure-on-bitcoin-price","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/jpmorgan-analyst-said-the-grayscale-bitcoin-trust-can-put-further-downward-pressure-on-bitcoin-price\/","title":{"rendered":"Grayscale Bitcoin Trust can put further downward pressure on Bitcoin Price – JP Morgan Analyst"},"content":{"rendered":"\n
According to JP Morgan analysts, the expiration of the GBTC shares lockup period may prompt institutional investors to sell them soon, resulting in a further drop in the Bitcoin price.<\/h5>\n\n\n\n
\"JP<\/figure>\n\n\n\n

By the end of June, the six-month lock-up period for Grayscale Bitcoin Trust (GBTC) shares will have expired. According to JP Morgan analysts, this might put more negative pressure on the price of Bitcoin (BTC).<\/p>\n\n\n\n

JP Morgan strategist Nikolaos Panigirtzoglou wrote in a note on Wednesday, June 23, that the unlocking might lead to more institutional selling of GBTC shares. The price of Bitcoin \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>has recently experienced a lot of fluctuation.<\/p>\n\n\n\n

Bitcoin (BTC) is under pressure today after pushing back over to the $34,000 mark from Tuesday's lows.<\/p>\n\n\n\n

BTC is currently trading at $32,990, with a market capitalization of $613 billion, as at the time of writing.<\/p>\n\n\n\n

JP Morgan maintains its pessimistic view on Bitcoin (BTC). The strategists at JP Morgan, according to Bloomberg, wrote:<\/p>\n\n\n\n

\u201cDespite this week\u2019s correction we are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally. Despite some improvement, our signals remain overall bearish\u201d.<\/p>\n\n\n\n

According to the Strategists, BTC<\/a> will swing between $23,000 and $35,000. This is based on fair value estimations and a comparison of BTC volatility to Gold.<\/p>\n\n\n\n

\u201cIt would still need price drops below the $25,000 level before longer-term momentum would imply capitulation,\u201d the strategists warned.<\/p>\n\n\n\n

JP Morgan's remarks are particularly interesting because the GBTC discount has reduced significantly in the recent week. According to CoinGape, the discounted price of GBTC shares has increased by 66% since last week.<\/p>\n\n\n\n

Nonetheless, in relation to the net asset value, the GBTC shares still trade at a 5 percent discount. Many analysts disagree with JP Morgan's point of view. This is due to the fact that six months ago, the GBTC shares were trading at a large premium.<\/p>\n\n\n\n

In March 2021, the Premium for GBTC shares was converted to a Discount. According to analysts<\/a>, institutional investors that bought the stock at a high premium will not sell at the current low price.<\/p>\n\n\n\n

As a result, with the June-end expiry date approaching, there may be less selling pressure.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to JP Morgan analysts, the expiration of the GBTC shares lockup period may prompt institutional investors to sell them soon, resulting in a further drop in the Bitcoin price. By the end of June, the six-month lock-up period for Grayscale Bitcoin Trust (GBTC) shares will have expired. According to JP Morgan analysts, this might […]<\/p>\n","protected":false},"author":12,"featured_media":4496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[76,83,25,21],"tags":[484,812,811],"class_list":["post-4495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-price","category-bitcoin-news","category-market-analysis","category-news","tag-bitcoin-price","tag-grayscale-bitcoin-trust","tag-jpmorgan-analyst"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/JPMorgan-Analyst-said-the-Grayscale-Bitcoin-Trust-can-put-further-downward-pressure-on-Bitcoin-Price.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/4495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=4495"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/4495\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/4496"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=4495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=4495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=4495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}