As reported by Bloomberg, JPMorgan’s strategists led by Nikolas Panigirtzoglou said on Friday that institutional inflow to the Grayscale Bitcoin Trust is not enough to take Bitcoin back to $40,000. Looking at the fund’s four-week rolling averages, its inflows “appears to have peaked.” Inflows have dropped by 22% in the last two weeks leading to January 22. This is more than Bitcoin’s 17% drop within the same period.
JPMorgan had earlier warned that Grayscale was the key to Bitcoin reclaiming $40k.
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