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On March 22nd, Bitcoin's price fell by 15% over the past week, then rebounded after Wednesday's FOMC meeting. In a research report on Thursday, JPMorgan (JPM) stated that the sell-off may not be over yet, as positions still appear to be overbought.
Nikolaos Panigirtzoglou stated that the market remains quite optimistic about the prospect of a significant price increase before the end of the year, with an important component of this optimism being that despite the halving reducing Bitcoin's supply, demand for Bitcoin through ETFs is expected to continue at the same pace.
However, the pace of net inflows into spot Bitcoin ETFs has significantly slowed down, with a large outflow of funds over the past week. In fact, as the halving approaches, this profit-taking is more likely to continue. |
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Post time 4-4-2024 21:52:02