skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,260.33 4.41%
ethereum
Ethereum (ETH) $ 3,351.23 9.08%
tether
Tether (USDT) $ 1.00 0.27%
solana
Solana (SOL) $ 254.55 8.16%
bnb
BNB (BNB) $ 622.36 2.04%
xrp
XRP (XRP) $ 1.17 7.28%
dogecoin
Dogecoin (DOGE) $ 0.385142 1.89%
usd-coin
USDC (USDC) $ 1.00 0.17%
staked-ether
Lido Staked Ether (STETH) $ 3,354.09 9.07%
cardano
Cardano (ADA) $ 0.791966 1.55%

Bitcoin’s Inflation Narrative More Compelling Than ETF Fever, JPM Says

This week’s launch of the ProShares Bitcoin Strategy Exchange-Traded Fund (stock ticker BITO) may have aided the cryptocurrency’s recent price surge to an all-time high, though the perception of bitcoin as an inflation hedge over gold is probably a bigger factor, a JPMorgan strategist wrote Thursday.

  • In its first two days of trading, BITO amassed assets of over $1 billion, according to ProShares.

  • Bloomberg ETF analyst Eric Balchunas says the new ProShares fund is the fastest in the history of the ETF industry to  reach $1 billion in two sessions; such an ascent eclipsed  the SPDR Gold Trust (GLD) ETF’s 18-year record at three days to reach this level.

  • JPMorgan strategist Nikolaos Panigirtzoglou wrote in a note to clients  that there’s been a shift from gold ETFs into bitcoin funds since September, and there’s already existing vehicles for investors to gain bitcoin exposure; the bank sees this shift in flows being bullish for bitcoin into year-end.

  • BITO saw trading volume of over 29 million shares Wednesday, representing over $1.2 billion, according to a representative from the company.

  • Separately, billionaire investor Paul Tudor Jones told CNBC earlier this week he currently prefers bitcoin over gold as an inflation hedge.


Michael Bellusci is CoinDesk’s crypto payments reporter.


Subscribe to Crypto for Advisors, our weekly newsletter defining crypto, digital assets and the future of finance.

By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top