JPMorgan Chase: GBTC Outflows May Reach $3 Billion, Exerting Downward Pressure on Bitcoin

Bloomberg ETF analyst Eric Balchunas also observed that yesterday the discount of GBTC expanded to 0.96% (compared to 0.47% the previous day). He bluntly stated that this “is not a good sign” and perhaps GBTC is facing selling pressure. According to his statistics, GBTC had a net outflow of $1.6 billion in the past four days, while other Bitcoin spot ETFs had a net inflow of $2.8 billion.