"Given $4.3b has come out already from GBTC, we conclude that GBTC profit taking has largely happened already," analysts led by Nikolaos Panigirtzoglou wrote, adding that "this would imply that most of the downward pressure on bitcoin from that channel should be largely behind us."
Crypto exchange FTX's bankruptcy estate also dumped around $1 billion worth of GBTC since its conversion to an ETF, resulting in added selling pressure on the underlying digital asset.
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