Has Bitcoin Reached a Peak: JPMorgan Spreads Fear with the 3 Data It Focuses on!

JPMorgan shed light on the details, pointing out that the cryptocurrency market lost $18 billion in value in June.

US JPMorgan Chase, one of the largest banks in the world, recently shared a report about cryptocurrencies. Analysts pointed to 3 important points: spot ETF outflows, miners' divergence, and the reversal of the traditional market.

The report emphasized that spot Bitcoin ETFs launched in the USA had the second worst month in their history, with a net outflow of $662 million.

The cryptocurrency market experienced a net decline of $18 billion in June.

The report stated that the market value of Bitcoin miners listed in the United States increased by 20%, and that this increase was triggered by the sector's re-evaluation of energy uses related to artificial intelligence.

Bitcoin may have peaked

The most frightening part of the report was the statements about the peak.  The bank emphasized that March 2024 could be the peak of the current cycle.

Making a statement on the subject, analyst Kenneth Worthingtoni reminded that there was a retreat in all areas of the market. This decline was in contrast to the rise in traditional markets. For example, the S&P 500 index rose 4%, while the tech-heavy Nasdaq rose 6%. But in the meantime, cryptocurrencies lost their blood:

Tokens, decentralized finance (DeFi) and NFTs saw a contraction in market value in June.