The price of bitcoin could face additional downward pressure in the coming weeks if investors in Grayscale Bitcoin Trust continue to take profits, according to JPMorgan.

GBTC converted into a spot bitcoin ETF last week and has already seen over $1.5 billion worth of outflows. Last week, JPMorgan estimated up to $3 billion in GBTC outflows as speculative investors were likely to take profits.

"If the previous $3 billion estimate proves correct and given $1.5 billion has exited already, then there could be an additional $1.5 billion still to exit the bitcoin space via profit-taking on GBTC, thus putting further pressure on bitcoin prices over the coming weeks," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.

GBTC investors — who over the past year had been …