The post JPMorgan Issues Warning for Bitcoin (BTC) Holders, This Ethereum Token Steals Bullish Momentum appeared on BitcoinEthereumNews.com.

Bitcoin’s ETFs have been the subject of much discussion since they were approved in late 2023. The giant crypto led the rest of the market on a significant token rally in the first quarter as interest in the ETFs grew. But while ETFs indicate a new dawn for Bitcoin, banking giant JPMorgan doesn’t think so. The financial advisor has given its latest opinion on Bitcoin’s ETFs and how they could be more successful. You can expect a debate on the subject, but Bitcoin holders are also dumping their deposits in favor of a new Ethereum token. Bitcoin’s ETF Inflows Are Simply Recycled BTC Last year, the ETF approval on Bitcoin opened the crypto market to institutional traders, who were previously cautious of the unpredictable cryptoverse. Bitcoin’s holders were treated to some three months of massive spikes, and the BTC price rose from about $27,000 to over $70,000 before correcting. Many people put that spike down to the growing ETF interest, as it appeared that more institutional traders were investing in Bitcoin. But JPMorgan’s latest statement puts the previously glorified Bitcoin ETF inflows into perspective. JPMorgan stated that the ETFs experienced inflows, but most were simply BTC coins already in circulation. The banking giant stated that the arrival of Bitcoin ETFs coincided with a marked drop in the BTC token stash on exchanges. Out of the reported $25 billion in total inflows on the ETFs, JPMorgan placed the recycled BTCs at about $12 billion. JPMorgan Warns Bitcoin Holders Over Bearish Times Ahead Since last week, the Bitcoin price has been on the decline, and holders are now most concerned about its price prediction. The market-wide bearishness is one thing, but Bitcoin could drop even worse soon. After adjusting the production estimates, JPMorgan’s calculations for Bitcoin’s value fall is around $45,000, against…

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Filed under: News - @ June 19, 2024 7:14 am