Bitcoin once broke through $41,000! Analyst: If "GBTC selling wave cannot be stopped", it may fall again

Bitcoin once fell below the US$41,000 mark in the early morning of today (19th), falling 4.5% to a one-month low of US$40,654. Bitcoin has fallen more than 10% since the Bitcoin spot ETF was listed in the United States last week. Analysts at JPMorgan said that if the GBTC sell-off cannot be stopped, Bitcoin may face additional downward pressure in the coming weeks.

According to CoinGecko market data, although Bitcoin has rebounded slightly, with a 24-hour drop of 3.6% at $41,025 at the time of writing, market concerns about further corrections in currency prices do not seem to have dissipated.

According to statistics, GBTC has seen more than $1.5 billion in outflows since it was converted into a Bitcoin spot ETF and listed for trading. JPMorgan analysts estimated last week that GBTC could see up to $3 billion in outflows as investors may continue to take profits.

JPMorgan analyst Nikolaos Panigirtzoglou wrote in a note published Thursday:

If the $3 billion estimate is correct, an additional $1.5 billion may flow out of GBTC in the coming weeks, causing further selling pressure on Bitcoin prices.

Investors have been buying GBTC at a discount for the past year. Now, as GBTC has been successfully converted into a Bitcoin spot ETF, the discount rate has continued to narrow and can even be redeemed at almost par price. Therefore, investors have chosen to sell after making substantial profits. Cash out.

JPMorgan analysts said the profit-taking by these investors was quite complete, and they reaped all the gains by completely exiting the Bitcoin field, rather than switching to cheaper Bitcoin spot ETFs.

On the other hand, K33 research analyst Vetle Lunde also found that Bitcoin futures ETFs also experienced a wave of withdrawals in the past week. Since investors need to close long positions in the futures market when selling, this may put heavier pressure on Bitcoin prices. .

〈Bitcoin once broke through 41,000 US dollars! Analyst: If "GBTC's selling wave cannot be stopped," it may fall again. This article was first published on "Block Guest".