JPMorgan analysts have stated that the recent increase in Bitcoin’s price is driven by institutional demand rather than retail investors. They also mentioned the spike in the position of CME bitcoin futures, mainly used by institutional investors, to the highest level seen since August 2022. In contrast, CME Ethereum futures’ position remains subdued. The analysts further noted a significant inflow of bitcoin into larger wallets, suggesting institutional investor interest. JPMorgan warns that if the SEC rejects spot bitcoin ETFs, it could potentially lead to lawsuits.

AI Sentiment: Negative