If the United States approves an exchange-traded fund (ETF) backed by crypto assets (virtual currency) Bitcoin, it could put pressure on Bitcoin in the short term. US JP Morgan Chase pointed out.
The Bitcoin ETF competition could cause funds to flow out of the largest listed crypto fund, Grayscale Bitcoin Trust (GBTC). Bitcoin ETFs will lose their de facto monopoly on grayscale, leading to lower premiums and outflows to total net worth (NAV), which will eventually hurt Bitcoin prices, strategists report Said in.
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“If there is a series of outflows from GBTC and the premiums fall off, the strategists are likely to have a negative impact on Bitcoin in the short term, given the flow of funds and the suggested importance of GBTC.” It pointed out.
Original title:JPMorgan Strategists Say U.S. ETF Could Sap Bitcoin Price (1)(Excerpt)
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