Analysts from JPMorgan suggest that the bulk of profit-taking from Grayscale's Bitcoin Trust (GBTC) is likely complete.
The analysis comes on the heels of record-high daily net outflows from U.S. spot Bitcoin exchange-traded funds (ETFs).
The team of analysts, led by market strategy managing director Nikolaos Panigirtzoglou, stated in a market report on January 25 that GBTC profiting has largely already occurred.
The implication is that the majority of the downwards pressure on Bitcoin from that particular channel should be largely behind us.