Bitcoin

Gold

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The recent bitcoin surge is driven by retail and speculative institutional investors, not a shift from gold to bitcoin, say JPMorgan analysts.</li>
 <li>Investors are buying both gold and bitcoin futures, leading to the rally.</li>
</ul>
<p>Analysts at JPMorgan have suggested that the recent upswing in the value of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">bitcoin</a> and the wider cryptocurrency market is primarily down to retail and speculative institutional investors.</p>
<p>These investors are purchasing both gold and bitcoin futures, rather than shifting their investments from gold to bitcoin.</p>
<h2 id="spot-bitcoin-etfs-and-gold-etfs">Spot Bitcoin ETFs and Gold ETFs</h2>
<p>Since the introduction of spot bitcoin exchange-traded funds (ETFs) earlier this year, there has been a significant influx of capital. Meanwhile, gold ETFs have seen outflows.</p>
<p>This has led to the interpretation that investors are moving from gold to bitcoin. However, JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggest this is not the case.</p>
<p>They argue that both retail and institutional investors are buying both gold and bitcoin futures, which is causing the rally.</p>
<p>Speculative institutional investors, such as hedge funds and momentum traders, have also been contributing to the rally by purchasing both gold and bitcoin futures since February.</p>
<h2 id="gold-etf-outflows">Gold ETF Outflows</h2>
<p>The JPMorgan analysts also noted that the outflows from gold ETFs are not a new trend that has emerged due to the introduction of spot bitcoin ETFs.</p>
<p>This trend has been ongoing for the past four years since the pandemic.</p>
<p>The analysts suggest that gold ETF investors are not shifting to bitcoin ETFs. Instead, they are buying more gold in the form of bars and coins.</p>
<p>This trend reflects a shift away from physical gold ETFs to bars and coins, driven by considerations of privacy and tangibility.</p>
<p>Despite avoiding gold ETFs, private investors have been buying gold bars and coins steadily since the pandemic.</p>
<p>In terms of spot bitcoin ETF inflows, the analysts suggest that this is primarily a rotational capital shift from existing cryptocurrency venues such as crypto exchanges.</p>
<h2 id="microstrategy-s-bitcoin-holdings">MicroStrategy’s Bitcoin Holdings</h2>
<p>The analysts also noted that the recent large-scale bitcoin purchases by MicroStrategy have amplified this year’s crypto rally.</p>
<p>The company, led by Michael Saylor, appears to be transforming itself into a leveraged bet on bitcoin by purchasing the cryptocurrency through the sale of convertible notes.</p>
<p>The analysts believe that this approach is risky and adds leverage to the current crypto rally. They suggest it increases the risk of more severe deleveraging in a potential downturn in the future.</p>

Bitcoin Surge Fueled by Retail and Speculative Institutional Players, JPMorgan Claims

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