According to PANews, a report released by JPMorgan indicates that the cryptocurrency market has seen significant profit-taking in recent weeks, with retail investors playing a larger role in the sell-off than institutional investors.
In April, retail investors sold off their cryptocurrency and stock assets, leading to capital outflows from Bitcoin exchange-traded funds (ETFs). JPMorgan pointed out three additional unfavorable factors that continue to persist: high positions, high prices of Bitcoin relative to gold and the anticipated cost of Bitcoin production, and the fatigue of crypto risk investment funds.
Due to the lack of positive factors and the decline in retail market demand, JPMorgan has recently adopted a cautious attitude towards the cryptocurrency market.
