Bitcoin ETFs report from JPMorgan

In a report, US banking giant JPMorgan stated that even if the Securities and Exchange Commission (SEC) approves one or more of the latest applications for a spot Bitcoin exchange-traded fund (ETF), it will not have a big impact and will not attract much attention from crypto markets and investors. :

The SEC approval of physically backed Bitcoin ETFs is unlikely to be a game changer for the crypto markets. Spot Bitcoin ETFs have been around for a while outside of the US, Canada, and Europe, but have failed to attract major investor interest.

BlackRock, the world’s largest asset manager, has resubmitted its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) after reports that the Securities and Exchange Commission (SEC) had returned it as “inadequate”. The JPMorgan report included the following statements:

Bitcoin funds in general, including futures and physically backed funds, have attracted little investor interest since Q2 2021 and have also failed to benefit from investor exits from gold ETFs over the past year.