JPMorgan Says Bitcoin May Get Stronger Price Support Than Gold if ETF Hedging Eases
JH Kim
Summary
- JPMorgan said Bitcoin (BTC) may receive stronger price support than gold if hedging demand in the exchange-traded fund (ETF) market eases.
- Short interest in BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), is near its highest level of the year, and its put-to-call ratio is higher than that of the gold ETF SPDR Gold Shares (GLD).
- JPMorgan said Bitcoin could receive a bigger upward price boost than gold if those hedge positions are unwound.
Forecast Trend Report by Period
JPMorgan said Bitcoin may receive stronger price support than gold if hedging demand in the exchange-traded fund market eases.
Walter Bloomberg reported on September 17 that short interest in BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), is near its highest level of the year.
IBIT's put-to-call ratio is also higher than that of SPDR Gold Shares (GLD), a gold ETF. JPMorgan said that suggests relatively strong hedging demand in the Bitcoin ETF market.
The bank added that if those hedge positions are unwound, Bitcoin could receive a bigger upward price impulse than gold.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.