In a recent report, JPMorgan, the world’s largest investment bank, covers the topic of Bitcoin ETF. Accordingly, he expresses his concerns regarding the SEC’s moves. As the crypto industry eagerly awaits the SEC’s decision, specters of legal action loom.
Legal conundrum looms for Bitcoin ETF
The report written by JPMorgan Chief Analyst Nikolaos Panigirtzoglou is noteworthy. Accordingly, it draws attention to a scenario in which applicant companies may take legal action against the SEC if Bitcoin spot ETFs are rejected. Although the likelihood of rejection is considered low, the consequences of such a decision could be legally challenging.
The report underlines that a possible rejection decision could leave the SEC in a legal situation. While JPMorgan acknowledges that such an outcome is highly unlikely, it remains within the realm of possibility. The crypto community is closely monitoring the SEC in its complex decision-making process. It remains unclear whether Bitcoin spot ETFs will gain approval or face a legal showdown.
JPMorgan looks at Bitcoin BTC’s rise
JPMorgan points to institutional demand as the reason for the recent price increase in Bitcoin BTC. Accordingly, in his report, he points out that there is a significant amount of Bitcoin inflow to large wallets. On the other hand, he points out that this situation points entirely to corporate demand.
The report also highlights an issue where optimism remains. This optimism relates to the U.S. Securities and Exchange Commission (SEC). Accordingly, recent developments emphasize the optimism around a spot Bitcoin ETF. Expectations are that the SEC will no longer be able to resist this issue.
Highlights of the year’s highs
In its Bitcoin report, JPMorgan also draws attention to the strong performance that comes with optimism. There are references in the report that the price of Bitcoin has reached its highest level of the year. Nikolaos Panigirtzoglou, leading analysts, draws attention to this issue and points to the factor behind the trend towards Bitcoin. Accordingly, he states that this factor is corporate participation.
On the other hand, the bank also includes analysis of the crypto futures market in the report. Accordingly, the activity in the Chicago Mercantile Exchange, which analysts refer to, reveals the situation in the futures market. Analysts here point to last week and point out that futures trading volume has reached its highest level in the last 14 months.
The report says the exact opposite of past reports
JPMorgan does not only include Bitcoin BTC in its report. Accordingly, JPMorgan points out that volume in CME Ether futures remains stagnant. According to the report, this situation means that the volume generated in Bitcoin is not the case for Ethereum. Additionally, institutional participation is focused on the leading cryptocurrency for now.
When we look at Kriptokoin.com, the points emphasized by the JPMorgan report that we come across from time to time indicate a movement in the market. On the other hand, it seems that the entry of institutional investors into the field has made a significant contribution to the price. When we look at the report, this situation is also a reflection of the Bitcoin urge among institutional investors. However, in previous JPMorgan reports, bullish statements mostly emphasized small investors. Accordingly, the latest report contrasts with previous reports.
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