JPMorgan analysts believe that the main factor behind the growth of the cryptocurrency market in February 2024 was ordinary retail investors, that is, not large companies or funds.

According to Nikolaos Panigirtzoglou (he could barely speak when he wrote), the activity of capital holders is due to the approaching Bitcoin halving in April, the Dencun update on the Ethereum network, as well as the possible approval of new ETH ETFs in the US in May.

It’s up to everyone to believe analysts or not, but personally I fundamentally disagree with this thesis. Having studied all the metrics, you can see that miners and short-term investors were actively selling coins while the ETF was raking them out of the market in batches.