Altcoin season stands out as one of the most anticipated developments this year. Investors outside of Bitcoin have long been hoping to make gains. Anticipation for the altcoin season had increased before the latest crash, but there are promising signs for next month, according to JPMorgan.
JPMorgan Expects a Rise in Bitcoin and Altcoin Market!
According to a recently published research report, JPMorgan expects a recovery in the Bitcoin and altcoin market in August. The report states that liquidations are likely to decrease by the end of this month. However, due to downward market conditions, the bank's estimated net inflows for this year have been revised. According to updated expectations, the crypto market could record an inflow of $8 billion as opposed to the previous estimate of $12 billion.
According to JPMorgan's predictions, if the Bitcoin price rises in August, altcoins may also recover. The idea that the altcoin market is negatively affected by Bitcoin's growth is misleading. In fact, altcoins often follow Bitcoin's movements. If an altcoin season started in the second half of 2023, this occurred in parallel with the rise of BTC. But even after Bitcoin's rise, at least 75% of the top 50 altcoins, excluding stablecoins, would need to outperform BTC. Only in this case can it be confirmed that the altcoin season has started. As of now, around 70% of altcoins are performing worse than Bitcoin in the last 90 days. Some altcoins that have outperformed Bitcoin include Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR) and Tron (TRX). All other tokens remain weak against BTC. So the best chance for a solid altcoin season will likely be August.
Spot Bitcoin ETFs in the US extended their positive streak for a fifth day on Thursday, with daily net inflows totaling $78.93 million. BlackRock's IBIT fund, the largest spot Bitcoin ETF by net asset value, recorded the largest net inflow of the day at $72.09 million, according to SoSoValue data. The fund was the most traded Bitcoin ETF on Wednesday, with $725.61 million in trading volume. Fidelity's FBTC fund achieved net inflows of $32.69 million. Bitwise's spot Bitcoin fund attracted $7.53 million. Ark Invest and 21Shares' ETF also added $4.31 million.
Wednesday's inflows were balanced by net outflows of $37.69 million from Grayscale's GBTC fund. Six other funds, including VanEck's HODL fund, reported zero flows yesterday. A total of $1.31 billion worth of transactions were made in spot Bitcoin funds in the USA on July 11. Trading volume in spot Bitcoin ETFs remained significantly lower than the volume that exceeded $8 billion in just a few days in March. ETFs launched in January generated a total net inflow of $15.5 billion.
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