#JPMorgan states that the Bitcoin rally is being "propagated" by retail and speculative institutional investors. According to JPMorgan analysts, the recent cryptocurrency rally has been “fueled” by investors buying both gold and Bitcoin futures since February, rather than investors switching from gold to Bitcoin. The recent surge in Bitcoin and the broader crypto market is primarily driven by retail and speculative institutional investors buying both gold and bitcoin futures, rather than investors switching from gold to bitcoin, according to JPMorgan analysts.

Since their launch earlier this year, spot bitcoin exchange-traded funds have seen significant inflows, while gold ETFs have seen outflows. This leads to a general perception that investors are switching from gold to bitcoin, but that is not the case, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Thursday. Instead, retail and institutional investors bought both gold and bitcoin futures, leading to a rally, analysts said.