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Read more: Best Bitcoin ETFs To Buy In 2024
According to the analysts, Bitcoin now holds a 3.7 times greater allocation compared to gold, signaling a notable shift in investment preferences.
The surge in the allocation of Bitcoin in investor portfolios is supported by a significant influx of $9 billion into Bitcoin ETFs, contrasting with outflows from Grayscale. This trend suggests a potential Bitcoin ETF market size of up to $62 billion if gold serves as the benchmark, as per JPMorgan‘s assessment.
February witnessed an optimistic period for the cryptocurrency market, with total market capitalization soaring by nearly 40% to $2.2 trillion. This surge was primarily fueled by a 45% increase in Bitcoin and a 47% rise in Ethereum, with altcoins also recording double-digit gains. Sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs) saw notable boosts during this rally.
Spot Bitcoin ETFs witnessed net sales of $6.1 billion in February, marking a substantial increase from January’s figures. The surge in Bitcoin’s value, up by 33% in the past two weeks to reach a new all-time high, was accompanied by significant inflows into spot Bitcoin ETFs. Additionally, crypto mining stocks also attained record highs in February.
JPMorgan’s managing director, Nikolaos Panigirtzoglou, emphasized Bitcoin’s dominance in investor portfolios, with its allocation significantly outpacing gold. The firm predicts that the spot Bitcoin ETFs market could potentially grow to as large as $220 billion within the next two to three years, further underscoring Bitcoin’s growing prominence in the investment landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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