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Retail has been driving Bitcoin price gains, not institutional investors – JPMorgan
The launch of the first spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States was expected to usher in a new era of institutional adoption, but the gains in BTC price since their launch have been driven by retail traders, according to analysts at JPMorgan. As reported by Bloomberg, JPMorgan strategists led by Nikolaos Panigirtzoglou said that the market-wide rally in the crypto market that has seen tokens like Bitcoin and Ethereum (ETH) climb to their highest price in years is due to the return of mom-and-pop investors, not new buy-in from institutions. Using on-chain Bitcoin flows from small wallets ... (full story)
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- Posted: Feb 23, 2024 8:00pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 395
