The largest investment firm, JPMorgan has concluded that Bitcoin (BTC) is in a difficult phase to reach $ 40,000 in the near future due to the significant decline in Grayscale Bitcoin fund flows.
"The institutional flow into the Grayscale Bitcoin Trust is still not strong enough to bring Bitcoin above $ 40,000."
About a month ago, when Bitcoin traded below $ 24,000, JPMorgan strategists had warned that a downtrend could lead to a devastating correction in the market.
After BTC soared and penetrated to an all-time high (ATH) of $ 42,000 in early January, there was a consecutive correction until the time of writing, the king of cryptocurrencies traded at $ 33,287.
JPMorgan also revealed that Graysclae's inflow decline was much sharper than Bitcoin with a 22% and 17% decline last week, respectively.
The giant firm reopened its fund on January 12 after closing the entry of new investors on December 21. As of January 22, Grayscale Bitcoin Trust owns over $ 20 billion of assets under management (AUM).
Bitcoin is also seen struggling with the acceleration of Ethereum (ETH) driven by gains in the centralized financial sector (DeFi).
Indirectly, Ethereum managed to record its latest ATH, $ 1,454 this morning.
