JPMorgan’s Bitcoin Analysis
The bank’s analysis is a countertheory to those associating the massive success of Bitcoin spot ETFs with outflows from gold ETFs, believing investors are swapping funds from the latter to the former. Since the start of the year, over $5 billion has flowed out of gold ETFs, while almost $12 billion has flowed into Bitcoin ETFs.
“This [gold ETF] outflow trend does not reflect an aversion to gold by private investors such as individuals and family offices, but rather an instrument shift away from physical gold ETFs to bars and coins,” wrote analysts led by Nikolaos Panigirtzoglou in his report.
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