There was a significant rally in Bitcoin and altcoins as optimism increased that the SEC's spot Bitcoin ETF would be approved.
BTC, which was at the level of $ 26,000 in the past days, rose to over $ 35,000 after the positive developments.
While investors and analysts generally think that the rally in BTC and altcoins will continue, a new report about BTC came from the US banking giant JP Morgan.
According to Coindesk's report, JP Morgan stated that there is a significant amount of Bitcoin inflow to major wallets, which indicates institutional investor demand, and pointed out in its report that the recent rise in Bitcoin is supported by institutional investors.
JP Morgan analysts led by Nikolaos Panigirtzoglou stated the following in their report:
“As optimism regarding SEC approval of the Spot Bitcoin ETF continues to grow, this optimism is reflected in Bitcoin's strong performance relative to other cryptocurrencies.
At this point, the leading cryptocurrency BTC has recorded significant increases in recent days, and this latest upward momentum appears to be due to institutional investors.
Because our bank's analysis of the crypto futures market supports this claim.
“Our futures position representation, based on CME Bitcoin futures used mostly by institutional investors, rose last week not only to this year's high, but also to levels seen in August 2022 before the FTX crash.”
Bitcoin continues to trade at $34,229 at the time of writing.
*This is not investment advice.
