JPMorgan Skeptical of Bitcoin Rally, Says ETF Hopes Overdone
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Excitement about potential bitcoin ETF approval has fueled a crypto market rally, but JPMorgan says the move seems overdone.
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JPMorgan is skeptical that a spot bitcoin ETF would attract significant new capital or lead to looser SEC regulation.
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The bank says capital would likely just shift from existing bitcoin products into new ETFs.
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While recent court rulings were SEC losses, crypto regulation is still likely to continue given industry lack of regulation.
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JPMorgan says the bitcoin halving bull case is unconvincing as the impact is unpredictable and likely priced in.