According to JPMorgan analysts, the approval of spot ETFs will relieve Bitcoin mining companies for a while.
JPMorgan analysts, “It is unclear whether this announcement will trigger a near-term rally in Bitcoin and miners’ shares. “We think mining stocks will take a breather, but we expect their performance to follow the Bitcoin price in the coming weeks.” said.
Shares of Bitcoin mining companies have gained significant value, especially in the last three months. JPMorgan analysts estimate that the total market value of fourteen mining companies traded on U.S. exchanges is almost 17 billion dollars drew attention.
Their value compared to the end of September increased by more than 130%. On the other hand, Bitcoin price increased during the same period. up 71%.
According to analysts, investors will be on top of mining companies if they want to exit the share market and switch directly to spot ETFs. A selling pressure may occur.
Still, the JPMorgan team says ETFs “does not directly affect the mining economy or competitive dynamics” says and This year is a “big year” for Bitcoin mining He thinks it will happen.