The world’s largest digital asset manager is starting to assemble its ETF team.
The GBTC shares traded at a discount of 6.6% to net asset value (NAV) on Tuesday, the smallest margin since June 22.
JPMorgan will let wealth management clients invest in Grayscale and Osprey crypto trusts.
Intraday volume for the world's oldest cryptocurrency remains considerably lower than weeks past.
“We expect volatility to remain under pressure until mid [to] late August,” said one trading firm.
First Midwest Bank Trust Division has $14 billion of assets under management and is the third-largest independent Illinois-headquartered bank.
"This probably has more to do with leveraged funds hedging their long positions in GBTC shares using the CME futures,” one trader said.
The cryptocurrency is expected to hold support above $30,000.
Investors who locked in borrowed coins will need to repurchase those to repay the loan, cryptocurrency pundits say.
The banking giant has been increasingly active in the cryptocurrency space to meet increased demand from its clients.
Bitcoin Trust shares bought in January are unlocked next month, and the incentive to reinvest is relatively low.
Insurance firms have been increasing their interest in crypto investments since December.
The discount is the difference between the price of the underlying bitcoin asset and the value implied by the price of the trust’s shares.
Anyone with a stock account can now make a savvy (albeit risky) bet on GBTC pricing disparities, previously exclusive to big players.
GBTC has been trading at a discount for several months in the face of rising competition and the prospect of a bitcoin ETF being approved in the U.S. this year.