Bitcoin:
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Despite Blackrock, the price of Bitcoin has dropped to $40,000 per Bitcoin.
Now that the market is reacting to Elon Musk's bombshell news, bitcoin and cryptocurrency traders are eagerly watching the exits from the all-bitcoin ETF-turned-Grey Bitcoin Trust (GBTC), JPMorgan warns that $1.5 billion is still possible: In the works. Stealing from the market. Funding next week.
Bitcoin's history is almost half a year away, and it is expected to cause a major crash in cryptocurrency prices. Sign up for free CryptoCodex . a daily newsletter for traders, investors and crypto enthusiasts keeping them close to the market.
"Bitcoin looks crazy," Arthur Hayes, founder of crypto derivatives leader Bitmex and now chief investment officer of Maelstrom, wrote in X. "I think we're going to break $40,000 [per bitcoin]," Hayes said, predicting that the price of bitcoin will continue to decline until January 31, when the US Treasury funding announcements are released
. The flow of $1.5 billion came under certain conditions. "There is pressure on the fear that they might pull out
, so the bitcoin space has another$
1.5 billion in gainsto exit GBTC
, so that will put more pressure on bitcoin prices in the coming weeks," he said. It is analysts led by Nikolaos. , JPMorgan . Panigirtsoglu wrote in the article he saw on the blog . Grayscale
's GBTC prices rose in anticipation of a full position. The ETF position was recently introduced by the Securities and Exchange Commission (SEC).
Months that recently received GBTC.
According to JPMorgan analysts, years are “exiting bitcoin positions, taking full advantage of the ETF conversion, instead of converting cheap bitcoin positions into ETFs
.
It can reach critical mass in terms of size and liquidity," the analysts wrote, adding that GBTC could see another $5 billion.
Another $10 billion will come out if it loses its liquidity advantage.
A fee war has begun between Bitcoin ETF providers. Bitcoins
now
reduced
to 552,000 bitcoins”.This caused many customers to stay. Second, the high management fees charged by Grayscale (1.5%) compared to most competitors (0.2%/0.3%) caused some investors to withdraw their investments. Reinvest, cash out excess or buy low-cost ETFs from Greyscale.
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However, despite wide swings in the price of Bitcoin and other major cryptocurrencies, with Ethereum, XRP and Solana dragging prices, many in the crypto industry are optimistic.
"While the short-term impact (approval of the bitcoin spot ETF) is unclear and may cause volatility in the medium term, my personal view is to increase the opportunity for retail investors and institutions to adopt and invest in a new asset class." Jason Lau. "I believe that the widespread adoption of Bitcoin
will eventually allow more users to interact with Bitcoin and take advantage of the power of a decentralized, permissionless network."