JPMorgan analysts mentioned that when adjusted for volatility, the allocation in traders’ portfolios had already outperformed that of gold. Particularly, the flagship cryptocurrency has a 3.7x allocation in comparison with valuable metals.
They highlighted internet inflows of $9 billion into bitcoin ETFs since their inception, matching outflows from Grayscale, and counsel that the potential dimension of the bitcoin ETF market might attain $62 billion if gold is used as a benchmark.
February marked probably the most optimistic intervals for the cryptocurrency market, with complete market capitalization rising practically 40% month-on-month to $2.2 trillion.
This enhance was primarily attributable to a forty five% enhance in Bitcoin and a 47% enhance in . Whereas altcoins underperformed, they nonetheless posted double-digit good points. Each the decentralized finance (DeFi) and non-fungible token (NFT) sectors additionally noticed good points throughout this rally.
Web gross sales of spot bitcoin ETFs climbed to $6.1 billion in February, up from $1.5 billion in January.
BTC has risen 33% over the previous two weeks to hit a brand new all-time excessive, an increase that has come alongside vital inflows into spot Bitcoin ETFs. Equally, cryptocurrency mining shares hit new document highs in February.
