JPMorgan analysts believe the recent crypto market surge is "overdone" and is attributed to the potential approval of a spot Bitcoin ETF in the U.S. and recent legal victories for the crypto industry.
They remain "skeptical" of both and believe the newly-approved ETFs are more likely to see a shift of existing capital from other Bitcoin products.
They also warned of potential market volatility following the SEC approval of spot Bitcoin ETFs.
Beware of Bitcoin ETF!!
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