JPMorgan: Retail investors may be the main driving force behind the February rally in the cryptocurrency market.

According to a report by BlockBeats on February 23rd, JPMorgan (JPM) stated in a research report on Thursday that it believes retail investors may be the main driving force behind the strong rise in the cryptocurrency market in February. Analysts led by Nikolaos Panigirtzoglou stated that there will be three major cryptocurrency catalysts in the coming months, including the Bitcoin halving event, the Ethereum upgrade, and the SEC's decision on the Ethereum spot ETF, which are the reasons for retail investors' FOMO. The first two catalyst events have already been priced in, while the probability of the third catalyst event occurring is only 50%. This retail frenzy can be seen from the Bitcoin flow accumulated on the chain, where smaller wallets have a larger flow, indicating high participation from retail investors. The report pointed out that platforms mainly focused on retail investors, such as Square (SQ), PayPal (PYPL), and Robinhood (HOOD), saw an increase in trading activity and investor flow in the fourth quarter of 2023, and Coinbase (COIN) also showed growth, all of which represent an increase in trading activity by retail investors during the same period.