Bitcoin dropped to a low of $65,068 around midnight today (15th), reaching its lowest point in nearly a month. At the time of writing, it has rebounded slightly and is now trading at US$66,193. The decline in the past 24 hours has narrowed to 1%.
Although the Federal Reserve is expected to cut interest rates, the market is generally optimistic about the future direction of Bitcoin. However, the recent weak trend has also caused concern among some investors. On this occasion, JPMorgan Chase stated in a report released on Wednesday (12) that the gold-absorbing ability of Bitcoin spot ETFs has actually been exaggerated, and it also retains doubts about whether more funds will flow into the crypto market this year. Attitude.
JPMorgan Chase: Crypto market capital inflows this year are revised down to $12 billion
According to a JPMorgan Chase report, a team of analysts headed by Nikolaos Panigirtzoglou stated that so far this year, the cryptocurrency market has indeed seen a large inflow of funds due to the existence of Bitcoin spot ETFs.
However, not all of these inflows represent the entry of new funds:
So far this year, Bitcoin spot ETFs have absorbed $16 billion in capital inflows, and combined with funds from futures on the Chicago Mercantile Exchange and crypto venture capital fund financing, total cryptocurrency inflows have reached $25 billion.
However, many investors may have switched from buying BTC on exchanges to investing in Bitcoin spot ETFs due to cost-effectiveness, liquidity, and regulatory advantages, and exchanges have reduced their Bitcoin reserves by 220,000, or 130,000 coins since January. One hundred million U.S. dollars.
Therefore, after data revisions, net inflows into the cryptocurrency market should be around $12 billion this year.
Bitcoin capital inflow may be difficult to sustain
And JPMorgan Chase continued to point out that whether Bitcoin can maintain such financial attractiveness is still a question mark:
Since Bitcoin is priced high relative to both its production costs and gold, and the market has overestimated its funding appeal, we remain skeptical that Bitcoin can continue to grow at a $12 billion funding rate in the second half of this year. Suspect.
It is understood that JPMorgan Chase just last month raised the production cost of Bitcoin to US$45,000 from the previous US$42,000.
Bernstein: Bitcoin will rise to $200,000 by the end of 2025
However, unlike JPMorgan Chase, top U.S. financial advisory firm Bernstein has once again raised their previous forecast , raising the possible price of Bitcoin by the end of 2025 from $150,000 to $200,000, or even It is also predicted that Bitcoin reaching $1 million in 2033 is not impossible:
After the world's leading asset management company BlackRock launches a Bitcoin spot ETF, the demand for Bitcoin spot ETFs will only continue to grow.
Therefore, we predict that the market share of Bitcoin ETFs will account for 7% of BTC circulation by 2025 and 15% by 2033. In this way, the price of Bitcoin may reach US$500,000 by the end of 2029 and US$1 million in 2033.
