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Cryptocurrencies: 28575
Markets: 116788
Market Cap: $2,330,937,494,168     
24h Vol: $97,915,944,620
Seeking Alpha 2021-01-25 20:53:05

Grayscale stock falls as flows point to bitcoin staying under $40K, JPMorgan says

Grayscale stock falls as flows point to bitcoin staying under $40K, JPMorgan says
The slowing pace of flows into the $20B Grayscale Bitcoin Trust ([[GBTC]] -3.7%) indicates that bitcoin will have a tough time returning to the $40K level, write JPMorgan strategists led by Nikolaos Panigirtzoglou.The strategists point out that the pace of flows into GBTC "appears to have peaked," based on four-week rolling averages.GBTC declined 22% in the two weeks ended Friday, Jan. 22, while bitcoin fell 17% during the same period. GBTC falls 3.8% more in Monday trading."At the moment, the institutional flow impulse behind the Grayscale Bitcoin Trust is not strong enough for Bitcoin to break out above $40,000," the strategists wrote, adding that the "risk is that momentum traders will continue to unwind Bitcoin futures positions."Bitcoin peaked at almost $42K on Jan. 8.Previously (Jan. 8): Bitcoin climbs to new record with Grayscale seeing boosted interest from pensions and endowments
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