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Crypto Thrift Browsing: High 3 Coins Below $0.50 That Might perhaps well perhaps also Skyrocket

Anticipated Conversion of Grayscale Bitcoin Trust (GBTC) to ETF May Trigger Significant Outflows

JPMorgan has shed light on the potential impact of Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded fund (ETF) on the cryptocurrency market. The report reveals that a substantial number of GBTC shares have been acquired in the secondary market this year, with investors expecting the approval of GBTC’s ETF conversion by the U.S. Securities and Exchange Commission (SEC).

JPMorgan estimates that approximately $2.5 billion has flowed into GBTC since the beginning of the year, and this figure could rise to $2.7 billion when considering the covering of short interest. Analysts at the bank suggest that much of this buying activity has been speculative, driven by the belief that GBTC will eventually become an ETF. In such a scenario, it is likely that investors will take profits once the conversion occurs.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin51,095 0.38 % 0.60 % 1.74 %
Litecoin68.38 0.42 % 0.19 % 2.27 %
XRP0.5381 0.35 % 0.67 % 4.88 %
Ethereum2,197.2 0.23 % 0.67 % 2.46 %
Dogecoin0.08370 0.61 % 0.19 % 2.49 %
USDC1.000 0.10 % 0.02 % 0.08 %
Cardano0.2543 0.15 % 1.68 % 3.38 %
Tether0.9990 0.10 % 0.04 % 0.02 %
Binance Coin (Wormhole)222.47 0.38 % 4.71 % 3.08 %