In a note on Wednesday, June 23, JPMorgan strategist Nikolaos Panigirtzoglou writes that the unlocking could possibly trigger further selling of GBTC shares by institutional players.
At press time, BTC is trading at a price of $32,990 with a market cap of $613 billion.
The Strategists further noted that based on fair value estimates and comparing BTC volatility to Gold, BTC will oscillate in the range between $23,000 and $35,000.
Interestingly, JPMorgan’s comments come just at a time when the GBTC discount has narrowed down considerably over the last week.
Analysts say that institutional players who purchased the share at a strong premium won’t be selling at the current discounted price.