Rally

Galaxy

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April

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 <p>In the realm of <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>, the growing optimism surrounding the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) is becoming increasingly evident. JPMorgan’s recent research report about Bitcoin highlights this positive sentiment. However, it captured the attention of the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> community, with significant potential implications stemming from this impending approval.</p>
 <p>This heightened enthusiasm regarding the ETF’s green light is not merely speculative. It finds substantial support in Bitcoin’s exceptional performance compared to other digital assets. This trend has gained momentum in recent times.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="778" src="https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp" alt class="wp-image-117167" srcset="https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 1024w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 300w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 768w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 1536w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 380w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 550w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 800w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 1160w, https://cdn.thebittimes.com/images/2023/10/27/94e1e0ffcc17fea3c0d332590192fff3.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>JPMorgan’s Bitcoin research report underscores the notion that the recent upswing in the king coin’s value is, in large part, driven by institutional involvement. This shift marks a departure from the retail investor-driven rallies observed in previous quarters. The evidence for this shift is clear in their <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> futures market. Specifically, the equivalent futures position proxy for CME Bitcoin futures. This is predominantly utilized by institutional investors and has surged in the past week. This surge has propelled it not only to the highest level this year but also to levels last witnessed in August 2022, just before the FTX exchange collapse.</p>
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 <p>In stark contrast, the equivalent futures position proxy for CME Ether (ETH) futures remains relatively subdued. This further emphasizes the distinct appeal of Bitcoin to institutional investors.</p>
 <p>The participation of institutions in the recent Bitcoin rally is further substantiated by an analysis of Bitcoin flows. The report points out a significant influx of BTC into larger wallets, a hallmark of institutional investor demand. This contrasts with previous periods when the Bitcoin market was primarily influenced by smaller wallets and retail investors.</p>
 <p><strong>Also Read: Bitcoin To Surge by 74% With Spot ETF Debut: Galaxy Digital Predicts</strong></p>
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 <h4 class="wp-block-heading" id="h-bitcoin-s-dominance-rises-to-over-50">Bitcoin’s dominance rises to over 50%</h4>
 <p>Another noteworthy development in the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> market is Bitcoin’s resurgence in terms of market dominance. Currently, Bitcoin’s market dominance stands at 54%, its highest point in the last 30 months. This statistic signifies the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>’s robust position, particularly as it anticipates the forthcoming Bitcoin halving event scheduled for April 2024.</p>
 <p>Traditionally, the month of October has been regarded as a bullish period for cryptocurrencies, often dubbed “Uptober.” This trend is clearly evident in Bitcoin’s impressive performance over the past few weeks. This is as it surged from just below $27,000 at the start of October to achieve a new yearly high of $35,000.</p>
 <p>Additionally, the Crypto Fear and Greed Index, a widely observed sentiment indicator, has reached levels last seen in November 2021. This was when Bitcoin reached its all-time high of over $69,000. The index currently sits at 71, indicating a prevailing sense of greed among market participants. It also aligns with the view that the bear market is behind us.</p>
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 <p><strong>Also Read: Bitcoin To Reclaim ATH Only by Q3 of 2024, Veteran Analyst Claims</strong></p>
 <p>In conclusion, Bitcoin’s remarkable performance is gaining substantial attention, largely driven by institutional interest and the optimistic outlook for a Bitcoin ETF. As Bitcoin continues to demonstrate its strength and resilience, the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> community eagerly anticipates how these factors will shape the future of digital assets.</p>
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<div class="cs-entry__tags">
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  <li>bitcoin</li>
  <li>btc</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-bitcoin-s-rally-tied-to-institutional-demand-tbt67990.html">https://thebittimes.com/jpmorgan-bitcoin-s-rally-tied-to-institutional-demand-tbt67990.html</a></p>

JPMorgan: Bitcoin's Rally Tied To Institutional Demand

TheBitTimes

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