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<div class="cryptonews">
 <p class="is-style-lead">A report from America’s largest bank said spot Bitcoin ETF flows in Canada and Europe hint at what to expect in the U.S., adding that upcoming Ethereum upgrades beckon more interest in ETH.</p>
 <p>Analysts at JPMorgan foresee a lackluster performance from spot Bitcoin ETFs should the U.S. Securities and Exchange Commission (SEC) approve applications from some 13 issuers in early 2024. Also, the Bitcoin (BTC) halving is already priced in and will likely have no further price <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a>, according to Chase Bank.&nbsp;</p>
 <p>The report’s prediction pivoted from general crypto-native sentiment, which has espoused bullish remarks amid hopes of billion-dollar inflows into BTC following the SEC’s potential nod.&nbsp;</p>
 <p>Instead, JPMorgan opined that successfully launching spot BTC ETFs would divert capital from existing Bitcoin-based products like futures ETFs, mining operations, and Grayscale’s Bitcoin Trust (GBTC).</p>
 <p>The heavyweight bank also said GBTC’s conversion into a spot ETF could induce $2.7 billion worth of sell pressure from long-standing Grayscale customer looking to cash in early on their faith in the company.&nbsp;</p>
 <p>VeChain CEO Sunny Lu said crypto regulations would likely <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> the markets more than BTC’s halving. However, Lu argued that an ETF decision should not be understated.</p>
 <blockquote class="wp-block-quote">
  <p>The <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> regulation is having on the market is becoming more significant than the <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> of Bitcoin halving. The attention of the entire crypto market is on ETF progress for Bitcoin spot, which I believe may be the biggest milestone in bitcoin and crypto’s history.</p> <cite>Sunny Lu, VeChain CEO</cite>
 </blockquote>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF
 </div>
 <h2 class="wp-block-heading" id="ethereum-to-trump-bitcoin-etfs">Ethereum to trump Bitcoin ETFs</h2>
 <p>Regarding Ethereum (ETH), crypto’s second-largest asset and blockchain, JPMorgan analysts believe the digital currency will outclass BTC and Bitcoin ETFs in 2024. The bank supported this assertion by citing forthcoming technological upgrades to reduce gas fees and boost throughput.</p>
 <p>The upgrades are part of&nbsp; EIP-4844, an Ethereum improvement proposal focused on proto-danksharding.</p>
 <blockquote class="wp-block-quote">
  <p>We believe that next year Ethereum will re-assert itself and recapture market share within the crypto ecosystem.</p> <cite>JPMorgan Analysts</cite>
 </blockquote>
 <p>JPMorgan researchers shared these thoughts weeks before January 2024, when some believe the SEC could approve the first batch of spot Bitcoin ETFs. SEC chairman Gary Gensler recently dodged answering questions on the subject, while experts surmised that approvals are a matter of when, not if.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Experts: Final lap before spot Bitcoin ETF in play
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-bitcoin-etf-s-impact-overstated-ethereum-set-to-surprise-skeptics-tbt73724.html">https://thebittimes.com/jpmorgan-bitcoin-etf-s-impact-overstated-ethereum-set-to-surprise-skeptics-tbt73724.html</a></p>

JPMorgan: Bitcoin ETF’s impact overstated, Ethereum set to surprise skeptics

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