Analysts at JPMorgan have projected a potential outflow of up to $2.7 billion from the Grayscale Bitcoin Trust (GBTC) should it successfully transition into a spot Bitcoin Exchange Traded Fund (ETF). This projection is based on the narrowing of GBTC's discount rate, which has recently decreased from -46% to -9.77%, indicating growing investor optimism for the Securities and Exchange Commission’s (SEC) approval of GBTC’s ETF application. The analysis by JPMorgan, using cumulative signed dollar volume, suggests that investors are likely to capitalize on arbitrage opportunities as a result of the contracting discount ... (full story)