JPMorgan Chase: Looking only at ETF flows to infer the Bitcoin market and investment direction is misleading

JPMorgan believes that using ETF flows alone to infer the direction of the Bitcoin market and investment is misleading. Its latest research report shows that from early 2024 to now, Bitcoin fund inflows have reached 10.6 billion US dollars, while physical gold ETF outflows have reached 7.6 billion US dollars. However, this phenomenon does not necessarily indicate a transfer of funds. JPMorgan pointed out that the outflow of gold ETFs is mainly due to individual investors buying gold bars, while the growth of Bitcoin ETFs is mainly due to investors transferring funds from their original Bitcoin wallets. This underestimates the amount of gold purchased by individual and private investors in the form of gold bars and coins, while overestimating their Bitcoin purchases.

JPMorgan

Comments

All Comments

Recommended for you

VitalikButerin ·

Possible futures of the Ethereum protocol, part 2: The Surge

At the beginning, Ethereum had two scaling strategies in its roadmap. One (eg. see this early paper from 2015) was "sharding": instead of verifying and storing all of the transactions in the chain, each node would only need to verify and store a small fraction of the transactions.
CointimeSG ·

Crypto x Consumer AI

Over the past year, the intersection of AI and crypto has gained prominence as a key area of consumer interest, fueling a surge of new project launches. Much of the attention and capital has been directed toward the foundational infrastructure of AI, such as compute, training, inference, agentic models, and data infrastructure.
CointimeSG ·

The Trump Trade

Thinking through the second and third order effects
CointimeSG ·

Volume 209: Digital Asset Fund Flows Weekly Report

The US election dividend spurring further inflows of US$2.2bn into digital assets
CointimeSG ·

Ethereum-compatible Layer 1 Monad begins rolling out testnet

Ethereum-compatible Layer 1 blockchain Monad has begun rolling out its testnet as part of a phased release.
CointimeSG ·

Ripple’s XRP to the Moon: News Analysis and Price Prediction [November 2024]

The value of XRP has doubled, reaching $1.2 after a significant surge over the weekend. Traders are optimistic due to bullish technical analysis and future market trends.
CointimeSG ·

Wojak-inspired memecoin takes to billboards in global campaign

A Wojak-inspired memecoin filling the trust gap in crypto with community engagement launches global campaign that will take it to billboards.
Education platform Giggle Academy announces official X account has been restored

education platform Giggle Academy announced that its official X account has been restored. It stated that Giggle Academy is a free learning application. There are no tokens or fees, only fun education. Please carefully check all content to avoid fraud.
Cosine: DEXX has calculated the total loss to be close to 20 million US dollars

Yu Xian announced on X that as of now, we have analyzed 821 cases of stolen information related to DEXX users, with a total loss of nearly 20 million US dollars. Among them, one person lost over 1 million US dollars, two people lost between 500,000 and 1 million US dollars, and 28 people lost between 100,000 and 500,000 US dollars. The collection of stolen information is still ongoing.
A whale liquidated WBTC positions built in the past 10 months 6 hours ago, with a cumulative profit of 14.26 million US dollars

According to AI aunt's monitoring, the giant whale 0x3c9...8f757 cleared the WBTC built up over the past 10 months six hours ago, with a total profit of about $14.26 million.Starting from October last year, he withdrew 618 WBTC in batches from Binance, with an average price of only $39,899; and gradually reduced his position after BTC reached a new historical high, with an average selling price of $62,921, selling tokens worth a total of $38.89 million.