A Slowing of Grayscale Bitcoin Fund Inflows Could Prompt Price Correction: JPMorgan

JPMorgan strategists have said the likelihood of a Bitcoin correction would increase if inflows into the Grayscale Bitcoin Trust slowed dramatically.
Such a decline in inflows into the largest Bitcoin funds would increase the likelihood of a price correction similar to that seen in the second half of 2019. This emerges from a statement from the bank's quantitative strategists, led by Nikolaos Panigirtzoglou, as Bloomberg reported on Monday.
The digital asset manager's bitcoin inflows "are too large to allow momentum traders to liquidate the position to create sustained negative price momentum," the strategists said.
They didn't say that Bitcoin was overbought after the cryptocurrency rose to consecutive record highs in the past few weeks.
The latest data tweeted by Grayscale Investments showed the company hit $ 15.5 billion in cryptocurrency assets under management on December 18 - up $ 2 billion in less than a month. The Bitcoin Trust is now worth over $ 13 billion.
Bitcoin hit a new record price of $ 24,273 on Sunday. At the time of publication, prices were lower at around $ 23,450.
New York-based Grayscale is owned by the Digital Currency Group, the parent company of CoinDesk. The company enables institutional investors to purchase shares in its crypto trusts in order to get exposure to the asset class without having to own the asset directly.
See Also: MassMutual's Bitcoin Purchase May Predict $ 600 Billion Institutional Flood: JPMorgan
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A slowdown in grayscale bitcoin fund inflows could lead to a price correction: JPMorgan
A slowdown in grayscale bitcoin fund inflows could lead to a price correction: JPMorgan
A slowdown in grayscale bitcoin fund inflows could lead to a price correction: JPMorgan
A slowdown in grayscale bitcoin fund inflows could lead to a price correction: JPMorgan
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