JPMorgan warnt datt eng BTC ETF Approbatioun de Präis vu Bitcoin negativ beaflosse kann

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Strategists at JPMorgan Chase & Co have alerted that the approval of a Bitcoin exchange-traded fund (ETF) in the US could have dire consequences on Bitcoin’s (BTC) short-term price action.

The proposed reason for the price drop is that an approved ETF could become a major competition for institutional investment for the world’s largest traded cryptocurrency fund, Grayscale’s Bitcoin Trust (GBTC).

The strategists, led by Nikolaos Panigirtzoglou, asserted that the ETF would eat at Grayscale Trust’s effective monopoly, trigger outflow of funds, and cause a drop in the net asset value. This decline will inadvertently strengthen BTC bears in the short-term.

The strategists noted that “a cascade of GBTC outflows and a collapse of its premium would likely have negative near-term implications for Bitcoin given the flow and signaling importance of GBTC.”

VanEck Associates recently filed for a Bitcoin ETF with the SEC after getting turned down from their previous effort. That said, the possibility of a BTC ETF gaining approval this time around seems very likely considering that the leadership at the SEC has been changed to a more cryptocurrency-accommodative Chairman.

Meanwhile, Grayscale recently tweeted that its assets under management have dropped by 13.7% from its record high of over $28 billion as a result of the recent bear market.

According to its latest tweet, the assets under management figure for Grayscale has declined by 13.7% from its record high of over $28 billion late last week.

Schlëssel BTC Niveauen fir ze kucken - 12. Januar

Bitcoin is now effectively in recovery from its recent crash to the $30k support. At press time, BTC is trading above the $35k, as it aims to climb back above its trendline. Meanwhile, the cryptocurrency is trading well within a wedge, indicating that a spike—in either direction—is just around the corner.

However, it’s most likely that the spike occurs to the upside in the coming hours or days. On the other hand, a drop to the downside should get effectively repelled by the $30k support.

Mëttlerweil sinn eis Schlësselwidderstandsniveauen op $ 36,000, $ 37,827, an $ 39,800. Wärend eis wichteg Supportniveauen op $ 34,474, $ 32,000 an $ 30,000 sinn.

Total Maart Kapitaliséierung: $ 940 Milliarden

Bitcoin Maart Kapitaliséierung: $ 640 Milliarden

Bitcoin Dominanz: 68%

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