Global investment bank JPMorgan has cautioned that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) could “put severe downward pressure on bitcoin prices.” The bank’s analysts estimate that billions of dollars could exit the crypto market after Grayscale Investments converts its bitcoin trust (GBTC) into a spot bitcoin ETF.
Market Impact of Spot Bitcoin ETFs
JPMorgan analyst Nikolaos Panigirtzoglou shared his predictions of the potential impact on the price of bitcoin from the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) in a Linkedin post on Friday.
While emphasizing his belief in the imminent approval of spot bitcoin ETFs by the SEC, he cautioned that client discussions are centered on the potential capital outflow from the Grayscale Bitcoin Trust (GBTC) as it transitions into a bitcoin ETF.
“The argument being that a significant amount of GBTC shares has been bo
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