Bitcoin’s (BTC) Technicals Suggests Deeper Pullback to $38K: Analyst

The RSI produced a lower a high last week as prices topped $49,000 for the first time since December 2021. (TradingView/CoinDesk)

Per Thielen, investors in Grayscale’s ETF, the Grayscale Bitcoin Trust (GBTC), switching to other low-fee options will likely weigh over bitcoin’s price. While Grayscale charges 1.5%, other asset managers like BlackRock charge 0.25%. GBTC, formerly a close-ended trust, is one of the largest bitcoin holders, with a coin stash of over $27 billion. GBTC shares began trading in 2013 and became redeemable on Jan. 11.

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