JPMorgan claims that Bitcoin peaked with Grayscale entries. According to Bloomberg, investment banking giant JPMorgan concluded that Grayscale’s significant slowdown in Bitcoin fund inflows would prevent the largest cryptocurrency from touching the $ 40,000 mark again.

 

 

Currently, the institutional flow impulse behind Grayscale Bitcoin Trust is not strong enough for Bitcoin to move above $ 40,000.

 

Not enough corporate money

The flow rate to the number one crypto asset manager has been a litmus test of the volume of big institutions’ interest in Bitcoin.

About a month ago, JPMorgan strategists warned that a drop in flows could trigger a brutal market correction. At the time, Bitcoin was trading for under $ 24,000.

After Bitcoin exploded higher and hit an all-time high of $ 42,000 on January 8, the rally became too hot to be sustainable and a number of corrections were made. At the time of writing, the cryptocurrency is traded at $ 33,371 on the Bitstamp exchange.

 

JPMorgan noted that Grayscale’s BTC inflows were declining.

Grayscale reopened the Trust fund on January 12, after closing its doors for new investors on December 21st.

According to the January 22 update, Grayscale Bitcoin Trust currently owns just over $ 20 billion in assets under its management.

LEAVE A REPLY

Please enter your comment!
Please enter your name here