According to JPMorgan analysts, if the Grayscale Bitcoin Trust (GBTC) transforms to an ETF, there might be a minimum $2.7 billion withdrawal from the fund. Investors who appear to have bought shares at a substantial discount in advance of the ETF conversion and intended to arbitrage after the conversion are the cause of the possible outflow. For the first time since July 2021, the GBTC negative premium rate is currently less than 10%.
Analysts did point out that the majority of the money is anticipated to go into other Bitcoin-related securities, like recently established spot Bitcoin ETFs that might get approval from the US Securities and Exchange Commission.
