JP Morgan analyzed in a report released on the 25th (local time) that the pressure caused by Bitcoin selling through Grayscale's Bitcoin Trust (GBTC) is being relieved. It was revealed that the main factor in this was Bitcoin investors' profit taking through GBTC due to the launch of the spot ETF. JP Morgan analyzed that the price of Bitcoin fell for two weeks after the launch of the spot ETF, with the price of Bitcoin falling by more than 20%, and that this was the result of investors who bought at a discounted price through GBTC selling to realize profits. did. Before being converted to a spot ETF, GBTC was one of the few ways to invest in Bitcoin without directly holding it, but it was still one of the largest products under management, managing more than $20 billion. “Considering that $4.3 billion has already flowed through GBTC, investors may have already taken most of their profits,” said Kolaos Panigirzo, an analyst at JP Morgan, in an analysis. “This puts significant selling pressure on Bitcoin.” “Partially disappeared,” he said. According to him, about $1.3 billion of the $4.3 billion was moved to cheaper spot ETFs, which means about $3 billion was completely withdrawn from the market. In relation to this, JP Morgan said in a report, “If Grayscale fails to properly respond to the fee issue, outflows will continue,” and “this could accelerate if other spot ETFs reach a critical point where they can begin to compete with GBTC.” mentioned. Meanwhile, it should also be noted that cryptocurrency exchange FTX has disposed of approximately $1 billion worth of GBTC following the approval of the spot ETF, further increasing selling pressure on Bitcoin.