Investments into and out of the Grayscale Bitcoin Trust (GBTC) will be key over the coming weeks for the bitcoin (BTC) price direction, according to US-based major investment bank JPMorgan Chase & Co.
"A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing bitcoin as digital gold replacing traditional gold as a long-term investment," Bloomberg reported, citing a note by the strategists at the bank.
As reported today, Guggenheim Funds Trust has filed an amendment with the US Securities and Exchange Commission via which it's reserving the right for its USD 5.3bn Macro Opportunities Fund to gain exposure to BTC by investing in the GBTC.
Also as reported, Grayscale Bitcoin Trust experienced USD 719.3m in 3Q20 inflows, while other products accounted for 31% of inflows during 3Q20.
https://cryptonews.com/news/watch-grayscale-bitcoin-trust-for-btc-price-clues-jpmorgan-8462.htm
