US banking giant JPMorgan explained what the source of Bitcoin’s rise is.
According to JPMorgan analysts, general increases in Bitcoin (BTC) and the cryptocurrency market from both individual and speculative institutional investors stems from.
US Securities and Exchange Commission (SEC), Spot Bitcoin ETFs on January 10 Following its approval, outflows from gold funds were observed. JPMorgan analysts led by Nikolaos Panigirtzoglou underline the rise. From investors switching to Bitcoin He said it wasn’t caused by it.
Analysts also believe that since the beginning of February, according to futures data from JPMorgan, If Bitcoin is below 7 billion dollars, it is 30 billion dollars He mentioned that there was an increase in the position value. For this reason, there is no extra exit from underneath and from speculative traders It was stated that it was caused by a situation.
JPMorgan also supported that the outflows in gold ETFs this year were not caused by Bitcoin with the following sentences:
Asset outflow from gold ETFs has been occurring for 4 years since the pandemic.
Finally, touching on MicroStrategy’s Bitcoin purchasing strategy, analysts said that the decision by Michael Saylor $800 million bond sale He stated that the purchases made by the company strengthened the rally. However, this situation leveraged turns into a transaction and therefore quite risky It was emphasized that:
MicroStrategy’s Bitcoin purchases with debt pose a great risk in a possible future recession.