Overview

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“Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7b would come out of GBTC as these According to a report by JPMorgan, a significant number of Grayscale Bitcoin Trust (GBTC) shares were sold at a discount to net asset value (NAV) in 2025. As per In a new analysis, JPMorgan has raised concerns about the potential outflow of funds following the possible conversion of Grayscale Bitcoin Trust (GBTC) into an ETF. The A significant number of Grayscale Bitcoin Trust (GBTC) shares have been bought in the secondary market this year at a deep discount to net asset value (NAV) in As per the bank, the rise in sales of discounted GBTC is in anticipation that the investment vehicle will convert into a spot Bitcoin (BTC) ETF (Exchange Traded Fund). The $2.7 billion figure is the minimum outflow the JPMorgan analysts are expecting from the Grayscale Bitcoin Trust upon its ETF conversion. It could be significantly JPMorgan continues to caution that the balance of risks for bitcoin prices is skewed to the downside as some of this $2.7b is likely to completely exit the bitcoin space.

Bitcoin GBTC Faces Potential $2.7B Outflow Upon ETF Approval: JPMorgan Warns

JPMorgan analysts are raising concerns about a potential $2.7 billion outflow from Grayscale Bitcoin Trust (GBTC) if it\'s converted into a spot Bitcoin ETF. This projection stems from significant buying activity of discounted GBTC shares in the secondary market. According to a report by JPMorgan, a significant number of Grayscale Bitcoin Trust (GBTC) shares were sold at a discount to net asset value (NAV) in 2025.

GBTC Discount and ETF Anticipation

As per the bank, the rise in sales of discounted GBTC is in anticipation that the investment vehicle will convert into a spot Bitcoin (BTC) ETF (Exchange Traded Fund). Many investors bought GBTC at a deep discount to NAV, expecting to profit once the ETF conversion closes the gap. A significant number of Grayscale Bitcoin Trust (GBTC) shares have been bought in the secondary market this year at a deep discount to net asset value (NAV) in As per.

JPMorgan\'s $2.7 Billion Outflow Prediction

The $2.7 billion figure is the minimum outflow the JPMorgan analysts are expecting from the Grayscale Bitcoin Trust upon its ETF conversion. It could be significantly higher. “Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7b would come out of GBTC as these." In a new analysis, JPMorgan has raised concerns about the potential outflow of funds following the possible conversion of Grayscale Bitcoin Trust (GBTC) into an ETF.

Impact on Bitcoin Prices

JPMorgan continues to caution that the balance of risks for bitcoin prices is skewed to the downside as some of this $2.7b is likely to completely exit the bitcoin space. The potential GBTC outflow could exert downward pressure on Bitcoin\'s price as investors take profits after the ETF conversion.

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