Investors are likely done with the bulk of profit-taking from the Grayscale Bitcoin Trust (GBTC), which could ease pressure on the price of Bitcoin ( BTC ), according to JPMorgan analysts.

It comes as daily net outflows from United States spot Bitcoin exchange-traded funds (ETFs) hit a record high on its ninth day of trading.

“GBTC profit taking has largely happened already,” said the analysts headed by market strategy managing director Nikolaos Panigirtzoglou in a Jan. 25 market report. “This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us.”

Grayscale’s fund has traded at a discount to its net asset value since early 2021 and the analysts pinned the fund’s $4.3 billion outflows since its conversion to an ETF on Jan. 11 as “profit-taking on previous GBTC investments” and the reason for Bitcoin’s nearly 20% price drop to now trade under $40,000 since the launch of multiple U.S. Bitcoin ETFs.

JPMorgan says GBTC sell-off ‘behind us’ as ETFs post record net outflow image 0

Bitcoin’s price has steadily fallen since U.S. spot Bitcoin ETF approvals on Jan. 11 Source: Cointelegraph Markets Pro

JPMorgan’s note comes after the ten approved spot Bitcoin ETFs saw a net outflow of $158 million on Jan. 24, the largest net outflow day since launch, per BitMEX research data shared on social media platform X on Jan. 25.

Here is the chart for day 9, with all data out

Day 9 was pretty weak for Blackrock, with +$66m

Fidelity performed well: +$126m pic.twitter.com/2VzTpZWOKx

— BitMEX Research (@BitMEXResearch) January 25, 2024

Grayscale’s ETF saw $429 million in outflows on Jan. 24, while the most recent BitMEX data for Jan. 25 shows outflows dropped to $394 million — its second-lowest outflow day on record.

Data for Jan. 24 compiled by X account CC15Capital shows Bitcoin ETF holdings held by all ten funds dropped on the day by 4,610 BTC, worth nearly $184 million.

✅ FINAL Update for 1/24 #Bitcoin    Holdings of ETFs $GBTC posted the official data the actual # was very close to my estimate (again)

Ready for 1/25 data $IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/v9mgg8lZzW

— CC15Capital (@Capital15C) January 25, 2024

Inflows to BlackRock’s spot Bitcoin ETF on Jan. 24 were the lowest since launch, with only $66.2 million on the day, while it increased its Bitcoin stash by 1,663 BTC. In total, IBIT currently holds nearly 45,700 and has just over $1.8 billion in assets under management.