The strategists claim that an ETF could see massive outflows from Grayscale’s crypto trusts and this could lead to a short term bearish market for Bitcoin.
Grayscale is currently the largest crypto hedge fund, having over $20 billion in crypto assets under management. An investment outflow from the company could be really bad for the crypto market. Analysts at JP Morgan had earlier said that Grayscale’s investment in Bitcoin and its massive appetite to accumulate the digital asset was preventing it from correcting.
As reported by Bloomberg, the strategists led by Nikolaos Panigirtzoglou wrote:
Moreover, with claims that crypto-savvy Gary Gensler would be named the new SEC chairman, the approval of Bitcoin ETFs might be closer than ever.
Source: Cryptocurrency - investing.com
