JPMorgan Sees Strategy’s Growing Cash Pile, Institutional Bitcoin Futures Demand as Bullish for BTC
JH Kim
Summary
- JPMorgan said Strategy’s growing cash holdings and rising institutional demand for Bitcoin futures are positive signals for Bitcoin.
- The bank said it was encouraging that Bitcoin futures remained strong despite outflows from spot Bitcoin ETFs.
- He said the positive momentum was more pronounced in CME Bitcoin futures and the perpetual futures market, where institutional investors account for a larger share than retail traders.
Forecast Trend Report by Period
JPMorgan views Strategy’s growing cash holdings and rising institutional demand for Bitcoin futures as positive signals for Bitcoin.
The Block reported on July 16 that JPMorgan analyst Nikolaos Panigirtzoglou said it was difficult to assess how Strategy’s effort to fund dividends through Bitcoin sales has affected investor sentiment. Still, he called it encouraging that Bitcoin futures remained resilient this week despite outflows from spot Bitcoin ETFs.
He added that the positive momentum was more pronounced in CME Bitcoin futures and the perpetual futures market, where institutional investors account for a larger share of activity than retail traders.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.