According to JPMorgan analysts, ETF does not affect the price of Bitcoin
The Bitcoin rally is coming, the future has finally started. September Oct. In particular, we can see that the rally is more comfortable when we take into account the months of September and October. This week, Bitcoin reached the top of the rally. He set a new record, surpassing the all-time peak. However, Bitcoin's adventure is just beginning, according to some. One of the factors that triggered Bitcoin this week was the ETF. However, JPMorgan analysts do not think so.
Tuesday, October 19th, Bitcoin was traded on the New York stock exchange for the first time. The Bitcoin ETF issued by ProShares company reached a transaction volume exceeding $1 billion in 24 hours. That's enough to make it the second-largest entity to open.
Bitcoin's entry into futures trading also affected the spot side. BTC, which has experienced a rally of up to 67 thousand dollars, has renewed its ATH. But JPMorgan analysts do not have faith that the ETF is the driving force. According to a statement from analysts, the ETF is not the trigger of the rally.
In the statement from JPMorgan, different reasons feed the rally
JPMorgan, the investment bank of America and financial services company, is also closely monitoring the crypto industry. Analysts shared the latest rally with a note on Wednesday. JPMorgan's analysts attribute Bitcoin's rally to inflation. He sees the driving force behind BTC as inflation. The fact that investors have chosen crypto assets for inflation protection is more likely to stimulate the market, according to a shared note.
JPMorgan analysts said that although they do not see the ETF as a driving force, it has benefits. Although the ETF contributes, the prevailing opinion is that inflation constitutes the main rally. It was noted that investors' concern about losing out on inflation leads people to alternative assets such as crypto.