According to a report, sales of discounted Grayscale Bitcoin Trust (GBTC) shares sold at a discount to net asset value (NAV) were extensive in 2023. JPMorgan shared that GBTC had $2.5 billion of investments flowing in year-to-date, with an additional $2.7 billion when adjusting for short interest. Thus, Nikolaos Panigirtzoglou’s team asked whether the disinvestment of $2.7 billion could negatively impact the price of Bitcoin (BTC), given the expected halving and the strong interest in the arriving Bitcoin ETF (Exchange Traded Fund) backed by the SEC (Securities and Exchange Commission). 172 Analysts projected that, while funds leaving the market may have a short-term pressure on BTC, rising institutional investments in the wake of an approved spot BTC ETF could potentially be even higher if other investiture options become available.
