Grayscale is stopping Bitcoin from correcting, JPMorgan claims
An analyst with JPMorgan has claimed that Grayscale is one of the key players sustaining Bitcoin’s recent Bull Run.
After breaking the $20,000 resistance a few days ago, Bitcoin rose to over $24,000. From experience, the market typically corrects after a massive positive price action. But while speculators wait for a possible correction, an analyst of the global banking conglomerate, JPMorgan, has opined that Grayscale’s portfolio is what is preventing the digital asset from correcting.
As earlier reported by BTC PEERS on December 15, Grayscale’s crypto holding had surpassed $13 billion. Four days later, the firm’s crypto assets under management rose to $15.5 billion.
As reported by Bloomberg, Nikolaos Panigirtzoglou from JPMorgan can be quoted saying that:
“Grayscale hold Bitcoin from negative price dynamics.”
Approximately $1 billion flows into Bitcoin every month from investors. Panigirtzoglou had earlier shared his forecast that Bitcoin was on a trajectory to become the next digital gold. He notes that clients are channeling enough funds into Grayscale’s Bitcoin Trust to sustain the current price of Bitcoin.
On the flip side, the analyst added that a slowdown to these inflows into Grayscale could usher in a large-scale correction. However, as of press time Bitcoin appears to have fallen back to $22,455 after surpassing $24,000 a few hours earlier.
