"Grayscale's GBTC Transfers 12213 BTC to Coinbase Prime, Eases Bitcoin Selling Pressure"

JPMorgan suggests that the selling pressure in bitcoin caused by profit-taking in the Grayscale Bitcoin Trust (GBTC) may be largely over, with an estimated $4.3 billion already leaving the trust. The bank notes that the launch of spot bitcoin exchange-traded funds (ETFs) in the U.S. has contributed to this, and predicts that outflows from GBTC to these ETFs will likely continue if Grayscale does not lower its fees. Additionally, FTX's bankruptcy estate has also added to the selling pressure by dumping around $1 billion worth of GBTC.