JPMorgan Chase strategists believe the main driver behind the Bitcoin price jump is inventor concern over inflation rather than the launch of ProShares’ Bitcoin Strategy ETF.
- In a note, JPMorgan strategists stated that the BITO launch that recorded the highest-ever first-day natural volume for an ETF is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin.”
- JPMorgan stated gold failed to respond to the concerns over increasing cost pressures in the last couple of weeks.
- Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the key driver for the current bull run.
- The team indicated that the shift away from gold ETFs into Bitcoin funds has been gathering momentum since September and “supports a bullish outlook for Bitcoin into year-end.”
As the first Bitcoin futures-linked ETF in the United States, ProShares’ Bitcoin Strategy ETF started trading on the NYSE on Tuesday at an opening price of $40 per share.
BTC USD down -1.84%