JPMorgan Chase report: This round of Bitcoin rise may be due to family offices seeing it as a gold substitute
According to a recent report from JPMorgan analysts obtained by Coindesk, the GrayScale Bitcoin Trust is outperforming gold ETFs, a trend likely driven by family Promoted by institutional investors such as Office. According to the report, "the contract provides support for the idea that some previous investors in gold ETFs, such as family offices, may be looking at bitcoin as a gold alternative."
Analysts say the rise of the Grayscale Bitcoin Trust shows that it is not just millennials driving demand for Bitcoin, but also family offices and Institutional investors such as asset management companies. However, the analyst also pointed out that "this week's sharp surge in bitcoin prices appears to have brought bitcoin close to overbought levels," which could trigger a sell-off.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
