Long-term investors are hoarding bitcoin at historic levels in hopes of a new high, but JPMorgan analysts believe that factors driving crypto bullishness, such as impending approval of spot ETFs and the upcoming halving, may have little impact on the token.
They believe that spot ETFs would attract investment from existing bitcoin products rather than new investors, and that SEC authorization for spot ETFs doesn’t signal a complete regulatory reversal towards the crypto industry.
Additionally, JPMorgan says that the halving price is already priced in at bitcoin’s current level.