While the price fluctuations in Bitcoin moved between 34 thousand and 30 thousand in the last week, a new evaluation article came from JP Morgan analysts. The analyst group led by Nikolaos Panigirtzoglou showed that it seems difficult for the largest crypto to go back to $ 40,000 at the moment, and the biggest reason is that the BTC flow entering the Grayscale fund is not strong enough.
According to Bloobmerg's report, the $ 20 billion Grayscale Bitcoin Trust, which peaked on the 4-week average, experienced a 22 percent drop in the last 2 weeks, including January 22, and a 17 percent retreat in the Bitcoin price during the same period . It was written that:
“The strength of the Bitcoin flow currently entering the Grayscale Bitcoin Trust is not enough to move the price back to $ 40,000. Another risk here is that those who make futures trades in the direction of the exit are gradually releasing their positions. “
Bitcoin, which reached the level of 42 thousand on January 8, later lost this power and started to decline. While the biggest cryptocurrency advocates state that under the price increase, corporate companies view BTC as a protection against dollar inflation, skeptics say it is a bubble similar to the big rise in 2017.
JP Morgan analysts on the subject stated that the short-term risk balance is downward.
In another Bitcoin analysis, Adam James of the OKEx exchange said that long-term Bitcoin investors or miners, also called 'whales', sold the coins to corporate companies during the 2020 rally because the trading of average-age coins has increased since October:
"Old investors emptied some of their old bags and sold them to new institutional investors who came to buy coins with big bags."
Bitcoin, which was traded at around $ 33,200 at the time the news was written, has seen an increase of 270 percent since last year, even though it is about $ 9,000 below this month's highest level.
