Leading global bank JPMorgan expected the Spot Bitcoin ETF to receive another round of inflows worth $36 billion. The newly approved Bitcoin ETF is attracting heavy bullish sentiments as asset managers worth trillions of dollars in investments are taking an entry position. However, JP Morgan expects the $36 billion inflows into Bitcoin ETF not from financial institutions but from existing cryptocurrency funds and investors.
JPMorgan: $36 Billion Into Bitcoin ETF Could Come From Cryptocurrency Funds & Investors
The world’s leading bank JP Morgan expects a large inflow of funds into BTC ETF from the existing cryptocurrency funds and investors. JP Morgan’s analyst rubbished the notion that only financial institutions are ready to pump large sums of money into BTC ETF. They projected that the large sums into BTC ETF could come from funds such as Grayscale’s popular GBTC product.
Data shows an outflow of funds to the tune of nearly $579 million from Grayscale’s GBTC. Many others might also take an entry and exit position into GBTC and book quick profits. Read here to know how many financial institutions are offering the Spot Bitcoin ETF to their clients.
Bitcoin is the biggest gainer after the SEC approved the ETF last week giving the cryptocurrency market experience investors confidence. The BTC ETF made the broader cryptocurrency markets spike in price with altcoins gaining the most.
Speculations are rife that the SEC could also approve Ethereum ETF sometime during the Q2 of 2024. However, these are only rumors and we will have to wait for an official confirmation from the SEC about an ETH ETF.
At press time, Bitcoin was trading at $42,699 and is down close to 0.5% in the 24-hours day trade. BTC is also down nearly 39% from its all-time high of $69,044, which it reached in November 2021.