JPMorgan maintains a cautious stance on cryptocurrency markets in the short term due to a lack of immediate catalysts for bullish market movements, citing subdued ETF inflows and regulatory challenges.
Conversely, GBTC continued to see net redemptions, summing over -$17.4 billion since its conversion. JPMorgan notes this continued outflow despite GBTC recording a rare day of positive inflows earlier in the week. In terms of regulatory developments, the report mentions Hong Kong's approval of spot Bitcoin and Ethereum ETFs, contrasting with the U.S. Securities and Exchange Commission's hesitancy on similar applications. Still, JPMorgan remains cautious, as disappointing flows and volumes marked Hong Kong's ETF debut.
Meanwhile, the prospects for Ethereum in the U.S. are looking bleak, especially regarding regulatory approval for spot ETH ETFs. After a few positive discussions with the SEC, insiders are bracing for a likely rejection of the pending ETF applications on May 23.
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Source: CNBC - 🏆 12. / 72 Read more »