- The crypto market is expected to rebound from August onward, the report said.
- The bank reduced its year-to-date net flow estimate to $8 billion from $12 billion.
- Bitcoin reserves across exchanges have fallen in the last month due to liquidations by creditors of Mt. Gox and Gemini, and selling by the German government.
As a seasoned crypto investor with several years of experience under my belt, I find the recent JPMorgan report on the crypto market both intriguing and cautionary. The expected rebound from August onward is certainly promising news, but I remain wary of the reduced net flow estimate of $8 billion, down from the earlier $12 billion.
As a crypto investor, I believe that we may see a decrease in crypto liquidations this month based on JPMorgan’s latest research report. The financial institution anticipates a market recovery starting from August and beyond.
As a crypto investor, I’ve recently learned that the bank has revised downward its estimated year-to-date net flow for cryptocurrencies from $12 billion to $8 billion.
Analysts headed by Nikolaos Panigirtzoglou found that the estimated bitcoin outflow has significantly decreased, primarily due to a noticeable drop in the amount of bitcoin held in exchanges over the past month.
The reduction in bitcoin reserves could be attributed to one of three possible scenarios: Bitcoins being liquidated by creditors of Gemini or the defunct cryptocurrency exchange Mt. Gox; or selling actions taken by the German government, which has been disposing of confiscated crypto assets derived from illegal activities.
The bank’s revised estimation of $8 billion includes a net inflow of $14 billion into crypto funds by July 9, along with $5 billion in CME futures flows. Additionally, there has been $5.7 billion raised by crypto venture capital funds so far this year. However, it is important to note that there has been an adjustment of approximately $17 billion due to the shift from wallets on exchanges to new bitcoin exchange-traded-funds (ETFs).
Read more: Crypto Markets to See Selling Pressure in July From Mt. Gox Creditors: JPMorgan
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2024-07-11 15:40