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JPMorgan Issues Major Bitcoin Warning
JPMorgan warns that Bitcoin ETF demand is overestimated, with many inflows being recycled funds, not new institutional investments.
Money Talks & Joe G
June 14, 2024 • Estimated Reading Time: 5 minutes
What we will talk about today...
Can Bitcoin Whales Protect BTC Price from a New $48K Downside Target?
Elon Musk Warns Against Overregulation
JPMorgan Issues Major Bitcoin Warning as BTC Price Plunges
Chart of interest - Bitcoin $BTC
Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this:
Break through 65,000, then mkt goes to 60,000
Break through 60,000 mkt goes to 48,000— Peter Brandt (@PeterLBrandt)
11:02 PM • Jun 13, 2024
Whales bought $1.3 billion of #Bitcoin and you’re bearish?
— Quinten | 048.eth (@QuintenFrancois)
6:20 AM • Jun 14, 2024
Bitcoin could fall below $50,000 if current support fails, despite significant whale purchases.
Main Points:
Potential Drop: Bitcoin may drop to $48,000 if it breaks through $60,000 support.
Stubborn Range: BTC stuck around $67,000, failing to break out.
Whale Activity: Whales are significantly increasing BTC holdings.
Detailed Insights:
Potential Drop: Trader Peter Brandt warns breaking $60,000 support could send BTC to $48,000.
Stubborn Range: BTC hit $70,000 but fell back to $67,000, staying in a tight range.
Whale Activity: Whale entities holding at least 1,000 BTC are near all-time highs. Recent whale purchases hit $1.3 billion, indicating bullish sentiment.
$BTC Binance Spot
From a liquidity standpoint, there's decent bid depth here between $66K - $65Khowever market needs to find demand to trade $66K as support
there's pretty thick ask depth around $70K & higher; market will require some new narrative probably to bid through… x.com/i/web/status/1…
— Skew Δ (@52kskew)
4:34 PM • Jun 13, 2024
The full picture of the #Bitcoin whale population.
Yes this is bullish.
Every cycle in the past, the FOMO phase of the bull market starts when they start selling into the price rally (i.e. divesting from being whales).
— Willy Woo (@woonomic)
1:40 AM • Jun 14, 2024
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Elon Musk Warns Against Overregulation
Tesla CEO Elon Musk cautions that excessive government regulation can stifle industry progress.
Main Points:
Regulation Concern: Too many regulators can harm the system.
Government Role: They should act as referees, not players.
Balanced Approach: Set sensible rules without hindering innovation.
Detailed Insights:
Musk warns that an overabundance of regulators disrupts the industry.
The government should ensure fair play but not interfere excessively.
Advocates for regulations that allow industry players to innovate freely.
₿itcoin reached $67,079. -0.11%
♢Ethereum reached $3,507. +0.68%
JPMorgan warns that Bitcoin ETF demand is overestimated, with many inflows being recycled funds, not new institutional investments.
JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x -->
"Not all of these inflows represent fresh money
entering the crypto space as we believe there has likely
been a significant rotation away from digital wallets on
exchanges to the new spot bitcoin ETFs. This is due to the
cost… x.com/i/web/status/1…— matthew sigel, recovering CFA (@matthew_sigel)
7:07 PM • Jun 13, 2024
Main Points:
Overestimated Demand: Much of the $25 billion in Bitcoin ETF inflows is recycled money, not new investments.
Rotation from Wallets: ETF inflows largely come from existing cryptocurrency wallets, not fresh funds.
Price Concerns: High Bitcoin prices relative to production costs may limit future inflows.
Detailed Insights:
Inflows Overestimated: Actual net flows into Bitcoin ETFs are around $12 billion, questioning the bullish narrative of significant institutional demand.
Existing Funds: Bitcoin reserves on exchanges dropped post-ETF debuts, indicating a shift rather than new investments.
Price and Inflows: Bitcoin remains below $67,000, with high prices and recent outflows suggesting limited new investment. Analysts challenge JPMorgan's estimates and outlook on ETFs.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results