The Crypto Market Rally Looks Overdone, JPMorgan Says

N

Nighthawk

The bank says it is skeptical of both arguments. Instead of new capital entering the crypto sector, it is more likely that existing capital will move from current bitcoin products such as the Grayscale Bitcoin Trust (GBTC), bitcoin futures ETFs and listed mining companies, into the newly approved spot ETFS.

JPMorgan notes that such ETFs already exist in Canada and Europe and have gained “little interest from investors since their inception.”



https://www.coindesk.com/markets/2023/11/13/the-crypto-market-rally-looks-overdone-jpmorgan-says/

For the crypto "enthusiasts" here on ET....:sneaky:
 
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Time to draw a rising channel.
 
The math for that Canada comment though doesn’t even make sense.

Currently there are about 2.4 billion in the Canadian Spot bitcoin ETF’s. The US ETF market is 33 times bigger so that would equal demand of 76 billion for the US versions that seems like a lot to me lol.
 
GlobalMacro90 said:
The math for that Canada comment though doesn’t even make sense.

Currently there are about 2.4 billion in the Canadian Spot bitcoin ETF’s. The US ETF market is 33 times bigger so that would equal demand of 76 billion for the US versions that seems like a lot to me lol.
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You aren't factoring in that 46% of the Canadian stock market is owned by USA citizens. So the total amount of bitcoin ETFs owned by Canadians is significantly less than 2.4 billion.
 
No, you are mistaken, brother.

The Canadian stock market is owned by US investors through US based ETFs primarily. The bitcoin ETFs are obviously Canadian-based, and there are huge headaches for an American investor to buy a foreign ETF for tax reasons. Trust me, I looked into this.

The important thing is not what the ETF invests in it’s where the ETF trades.
 
Everything being inflated once again. I hope bitcoin jumps to 70k 80k and even 100k because I'm going to be happy to short it straight down !
 
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