CandleFocus JPMorgan Pours Cold Water on Ethereum
2024-10-03
Author: Content Editor
JPMorgan, a major banking institution, has stated that Ethereum (ETH) lacks a bullish impulse in its futures products, unlike Bitcoin and gold, which are seen as similar assets. The performance of Bitcoin and gold is driven by the "debasement trade," with investors placing bets on these assets due to concerns about government deficits and the erosion of trust in fiat currencies. Ethereum is not part of this trade and is underperforming as a result. The Ether price experienced a rally in May but quickly declined, and Ethereum ETFs have seen higher outflows than expected. JPMorgan's comments align with BlackRock's view that Ethereum's narrative is not as strong as Bitcoin's. In addition, the ETH/BTC pair dropped to its lowest level in months.
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