The Grayscale Bitcoin Trust (OTC: GBTC) has likely experienced the majority of its profit-taking, suggesting a potential reduction in downward pressure on Bitcoin (CRYPTO: BTC) prices. What Happened: JPMorgan (NYSE: JPM) analysts, led by market strategy managing director Nikolaos Panigirtzoglou, noted in a Jan. 25 market report that “GBTC profit taking has largely happened already. “This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us,” the report stated. This analysis comes amidst record-high daily net outflows from U.S. spot Bitcoin exc…