JPM - JPMorgan Casts A Shadow On Bitcoin Rally Questions Sustainability Post-ETF Hype | Benzinga
JPMorgan (NYSE: JPM) analysts have cast doubt on the recent crypto market surge, describing it as "overdone.”
They attribute the rally to two main factors: the potential approval of a spot Bitcoin (CRYPTO: BTC) ETF in the U.S., and recent legal victories for the crypto industry.
However, they remain "skeptical” of both.
"The crypto rally looks overdone,” said Nikolaos Panigirtzoglou, who leads the team of JPMorgan analysts, The Block reported.
They believe that instead of attracting new capital, the newly-approved ETFs are more likely to see a shift of existing capital from other Bitcoin products.
This skepticism is further fueled by the lukewarm interest shown ...