JPMorgan: Even if the Bitcoin spot ETF is passed, it will not have a subversive impact.


Since mid-June, a number of traditional financial giants (Fidelity, BlackRock, etc.) have initiated applications for Bitcoin spot ETFs to the SEC. Bloomberg analysts even believe that BlackRock’s application is expected to be approved by the end of this year. This news The cryptocurrency market has been invigorated, and the market speculates that the Bitcoin spot ETF will attract a large amount of funds to enter the market, and is optimistic about the future market trend.

Contrary to the market’s optimism, JP Morgan put forward a neutral view on the bitcoin spot ETF in a report, arguing that even if the bitcoin spot ETF is passed, it will not change the rules of the game in the cryptocurrency market.

JPMorgan Chase: Bitcoin ETF is not attractive

According to Coindesk, JPMorgan Chase stated in the report that although regulators are more likely to approve bitcoin spot ETFs, the bitcoin spot ETF product itself is not that attractive to the market: spot bitcoin ETFs are in Outside the U.S., Canada and Europe have existed for some time, but have failed to attract significant investor interest.

Furthermore, JPMorgan Chase compares historical data and believes that Bitcoin funds in 2021 have shown the possible future acceptance of Bitcoin spot ETFs: Overall, Bitcoin funds-including futures and spot-backed funds, since 2021 It has attracted little investor interest since the second quarter and has not benefited from outflows from gold ETF investors over the past year.

Spot ETFs have advantages over futures ETFs

In addition, JPMorgan Chase analyzed the advantages of Bitcoin spot ETFs compared with futures ETFs, pointing out that users can obtain Bitcoin assets in a more direct and safe way, and eliminate the potential risks of buying, transferring, and storing BTC, but JPMorgan Chase still Taking a conservative view, reiterate that this advantage is limited: spot ETFs are better reflective of real-time supply and demand than futures ETFs, and their approval in the US will bring greater liquidity and increase price transparency in the spot bitcoin market. To a certain extent, bitcoin spot ETFs will replace bitcoin futures-based ETFs.