JPMorgan: Funds Will Move From GBTC to Other Bitcoin ETFs

According to CoinDesk, JPMorgan analysts predict that if approved, registered Bitcoin ETFs could bring in up to $36 billion, with $3 billion potentially coming from the Grayscale Bitcoin Trust (GBTC) through profits from buying shares at a discounted price.

However, the analysts expressed skepticism towards the current optimism about new capital flowing into spot Bitcoin ETFs, calling the market reaction to the SEC’s decision to approve the products as “modest.”

The experts also pointed out that high commissions in Grayscale could potentially trigger an outflow of capital if not reduced to levels comparable to other issuers like BlackRock, estimating a possible rotation effect of $5-10 billion.

Additionally, the analysts identified Bitcoin ETF futures as a potential source for additional capital.