Investing in and out of the Grayscale Bitcoin Trust (GBTC) will be the key to Bitcoin (BTC) price direction in the coming weeks, according to the US-based major investment bank JPMorgan Chase & Co..
“A failure by the Grayscale Bitcoin Trust to receive additional inflows in the coming weeks would also cast doubts on the idea that institutional investors such as family offices have embarked on the trend of using Bitcoin as digital gold and traditional gold as a long-term investment replace “Bloomberg reportedciting a note from the bank’s strategists.
As reported today Guggenheim Funds Trust submitted a change to the US Securities and Exchange Commission through which it reserves the right to have its USD 5.3 billion Macro Opportunities Fund gain exposure to BTC by investing in GBTC.
As previously reported, the Grayscale Bitcoin Trust recorded $ 20,719.3 million in the third quarter, while other products accounted for 20% of the inflows in the third quarter.
In a November 27 release, JPMorgan’s strategist also argued that “the previous foam in positioning momentum traders has largely been removed,” adding that momentum signals will continue to deteriorate unless BTC moves quickly recovered.
Last week, BTC fell from over USD 19,000 to under USD 17,000 and returned above USD 18,000 this past weekend.
At pixel time (11:20 UTC), BTC is trading at $ 18,591 and is up 2% in one day, offsetting last week’s losses. The price is up 34% in a month and 152% in a week.
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