JPMorgan (JPM) stated in a research report on Thursday that since the first launch of the spot exchange-traded fund (ETF) last week, Bitcoin has fallen by more than 15%, and the Grayscale Bitcoin Trust GBTC has seen $1.5 billion in outflows. The bank previously estimated that up to $3 billion had been invested in GBTC on the secondary market by 2023 to take advantage of the discount of the trust fund's relative net asset value. If this estimate is correct and considering that $1.5 billion has already exited, there may be an additional $1.5 billion profiting and exiting the field through GBTC, which will put further pressure on Bitcoin prices in the coming weeks.