📉 JPMorgan's Crypto Outlook: Caution Ahead!
JPMorgan, a banking giant, has expressed a cautious stance on cryptocurrencies in the short term. The bank cited a lack of positive catalysts and diminishing retail investor interest as key reasons for their approach.
According to JPMorgan analysts, three main factors contribute to their cautious stance:
1. Elevated positioning
2. High Bitcoin prices compared to gold and estimated production costs
3. Subdued crypto venture capital funding
In addition, the bank noted that retail investors have been actively selling both crypto and equity assets over the past month.
On the same day, Blackrock expressed optimism about pension, sovereign wealth, and endowment funds entering the Bitcoin ETF markets. Meanwhile, BNP Paribas, Europe’s second-largest bank, revealed its holding of Blackrock's own ETF product.
