Everyone was screaming "sell the fact!" on the ETF approval news.
Its been ongoing:
JPM says there is more downside pressure ahead for BTC. Last week JPM guesstimated that there was up around US$3bn in GBTC (Grayscale Bitcoin) outflows ready to hit with traders/investors likely to take profits.
- "If the previous $3 billion estimate proves correct and given $1.5 billion has exited already, then there could be an additional $1.5 billion still to exit the bitcoin space via profit-taking on GBTC, thus putting further pressure on bitcoin prices over the coming weeks"
Update:
![btcusd chart gbtc profit taking 19 January 2024](https://images.forexlive.com/images/btcusd%20chart%20gbtc%20profit%20taking%2019%20January%202024_id_607d5bd5-b17a-4270-9f42-5c12c9d26906_size900.jpg)
The folks enamoured of BTC will be able to scoop 'em up cheaper.