Bitcoin reserves across exchanges have fallen in the last month due to liquidations by creditors of Mt. Gox and Gemini, and selling by the German government.
Crypto liquidations should abate this month and the market is expected to rebound from August onward, JPMorgan said in a research report on Wednesday. The bank reduced its year-to-date crypto net flow estimate to $8 billion from $12 billion previously. The Wall Street firm said it was skeptical that the prior estimate of $12 billion would continue for the rest of the year given how high bitcoin“The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month,” analysts led by Nikolaos Panigirtzoglou wrote.The bank’s reduced estimate of $8 billion is comprised of a $14 billion net flow into crypto funds by July 9, Chicago Mercantile Exchange futures flows of $5 billion, $5.
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