JPMorgan: Recent bitcoin price surge may be driven by institutional demand.

According to BlockBeats news on October 26th, as reported by CoinDesk, JPMorgan stated in a research report on Wednesday that the optimistic sentiment for the approval of a bitcoin ETF by the U.S. SEC continues to grow. This optimism is reflected in the strong performance of bitcoin relative to other digital assets, and it is noted that bitcoin recently hit a new high for the year. Analyst Nikolaos Panigirtzoglou wrote, "It looks like institutional participation is involved in the recent wave of capital flows." He further explained, "Based on the futures position proxy of CME Bitcoin futures, which is often primarily used by institutional investors, it has surged in the past week, not only to a new high for the year, but also to the level before the FTX crash in August 2022." Meanwhile, the equivalent futures position proxy for CME Ethereum futures remains weak. The report states that institutional participation in the recent rebound is also reflected in the analysis of bitcoin flows. A large amount of bitcoin has flowed into larger wallet addresses, indicating demand from institutional investors. This is in stark contrast to the previous few quarters when bitcoin flows were dominated by smaller wallets and were therefore more driven by retail investors.