JPM - Grayscale Bitcoin Trust Faces $1.5B Exodus JPMorgan Says Fee Is 'Too High' | Benzinga
A JPMorgan Chase and Co (NYSE: JPM) report sees Grayscale Bitcoin Trust (OTC: GBTC) investors who bought GBTC at a discount pre-ETF approval taking full profits, rather than shifting to cheaper spot Bitcoin ETFs.
JPMorgan Warns Of $1.5 Billion More Outflows
In a research note shared on Friday, the bank's analysts, led by Nikolaos Panigirtzoglou, stated that the value of Bitcoin (CRYPTO: BTC) has diminished by more than 15% following the recent introduction of spot exchange-traded funds (ETFs).
Since this launch, GBTC has experienced an outflow of approximately $1.5 billion.
The analysts observed that previously, GBTC served as one of the primary channels for U.S. stock traders to engage with Bitcoin's price movements without ...