The price of Bitcoin stumbled amid a big day of Grayscale’s ETF outflows. JPMorgan analysts think more price corrections are coming post-halving.
Bitcoin (BTC) fell over 3% from its 24-hour high as investors in Grayscale’s spot Bitcoin exchange-traded fund (ETF) dumped $598.9 million from the fund on Feb. 29 — its second-largest net outflow on record.
Bitcoin hit a 24-hour high of $63,585 early on Feb. 29 and has since dropped around 3.3% to just under $61,500, according to Cointelegraph Markets Pro.
It comes as the Grayscale Bitcoin Trust (GBTC) — the asset managers recently converted ETF — saw daily net outflows close at $600 million on Feb. 29, per preliminary Farside Investor data.
