LATEST: Bitcoin’s Recent Price Surge Was Fueled by Institutional Investors, JPMorgan Reports

In a recent research report, JPMorgan highlights the increasing optimism surrounding the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). This positivity is attributed to Bitcoin’s robust performance compared to other cryptocurrencies, with the digital asset hitting a new high for the year. JPMorgan’s analysis also indicates institutional participation in this rally, as evidenced by a surge in futures positions, particularly on the Chicago Mercantile Exchange. Larger BTC inflows into wallets further signal rising institutional demand, marking a shift from retail-driven momentum in previous quarters.

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