JPMorgan Chase: Bitcoin price may face more pressure as GBTC takes profits

A Morgan Stanley analyst stated that if GBTC investors continue to profit, it may add additional downward pressure on Bitcoin. GBTC converted to a physical Bitcoin ETF last week and has seen outflows of funds worth over $1.5 billion. The analyst stated that the outflow of funds from GBTC has also put pressure on the fund to lower its fees and reiterated their view that the current 1.5% fee is "too high" compared to other physical Bitcoin ETFs. The analyst also reiterated that the chances of a physical Ethereum ETF being approved in May are limited.