JP Morgan: There may be another $1.5 billion in profit outflows through GBTC

JPMorgan stated on Thursday that up to $3 billion has been invested in GBTC on the secondary market to take advantage of the discount to the trust fund's relative net asset value by 2023. If this estimate is correct and taking into account the $1.5 billion that has already exited, another $1.5 billion may be profitably withdrawn from the field through GBTC, which could put further pressure on Bitcoin prices in the coming weeks. The report also states that this outflow of funds has put pressure on GBTC to reduce fees and adds that "compared to other spot Bitcoin ETFs with further fund outflow risks, GBTC's 1.5% fee still appears to be high. If GBTC loses its liquidity advantage, it may withdraw more capital, potentially exiting an additional $5 billion to $10 billion."