JP Morgan has expressed concerns about low levels of venture capital investment in the cryptocurrency sector this year despite the rise in cryptocurrency values.
The bank's analysts suggest that modest inflow of funds into the cryptocurrency industry could threaten the durability of the current market boom.
The JP Morgan team noted that the amount of venture capital entering the cryptocurrency sector appears limited so far this year compared to levels in previous years. âThe indicators we use to predict risk capital entering the cryptocurrency market have shown limited activity so far this year compared to previous years,â the report published on Thursday said.
Analysts believe that a revival in venture capital investments is essential for the continued rise of cryptocurrency markets.
Latest figures show that the cryptocurrency industry has received $3.2 billion in venture capital investment this year, which is less than the more than $4 billion in the same period last year.
However, there is also some positive news: an increasing number of venture capital firms are participating in the cryptocurrency market by raising new or recently raising dedicated capital.
Additionally, notable organizations such as Galaxy Digital, Hack VC, and Hivemind Capital are currently raising significant funds for new cryptocurrency-focused investment funds.
In February, cryptocurrency accelerator Alliance closed the first round of funding for its third fund, raising $10 million from both Brevan Howard Digital and Galaxy Digital, and aims to raise another $80 million by July.
Cryptocurrency hedge funds have been particularly dynamic this year, as venture capital investments are increasingly on the rise. The value of its assets under management has increased significantly over the last six months and is now estimated to be around $20 billion.
In the same analysis, JP Morgan analysts also discussed regulatory changes, observing that the chances of an Ethereum-based exchange-traded fund being authorized by May do not exceed 50%. This is a result of the US Securities and Exchange Commission's investigation of the Ethereum Foundation.
The market's expectation of approval is diminishing, as evidenced by the widening gap between market price and Net Asset Value for Grayscale Ethereum Trust. This difference increased from 8% to 22% last month.
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