Crypto Market Sell-Off Was Driven by Retail Investors, JPMorgan Says [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Yahoo! Finance
The market is still faced with headwinds such as elevated positioning, the report said. Wall Street giant JPMorgan (JPM) said it's keeping its cautious stance on cryptocurrency markets in the near term due to a lack of positive catalysts and because the retail impulse is disappearing. The bank notes that retail investors sold both crypto and equity assets in April and spot bitcoin exchange-traded funds (ETFs) have seen outflows. The three headwinds the bank has already identified – elevated positioning, high bitcoin prices versus gold and versus the estimated bitcoin production cost, and subdued crypto venture capital (VC) funding – are also still in place. Cryptocurrency markets have seen significant profit taking in recent weeks, with retail investors playing a bigger part in the sell-off than institutional investors, the report said. Bitcoin fell 16% in April, the biggest monthly decline since June 2022. Investors sold U.S.-based spot bitcoin ETFs at the fastest pace ever
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- JPM's page on the SEC website