According to Golden Finance, JPMorgan analysts expect that Bitcoin has limited room for further decline as profit-taking on GBTC has basically ended. After the United States approved the spot Bitcoin ETF, the price of Bitcoin has fallen by more than 20% in the past two weeks. Analysts said that GBTC investors' profit taking led to a drop in Bitcoin prices, but the worst period seems to be over.

Despite the positive outlook, analysts warned that if GBTC’s 1.5% fee is not reduced soon, the fund could see continued outflows and lose market share to competitors.