JPMorgan Chase & Co. (JPM) said in a research note on Thursday that the sell-off may not be over yet as positions still look overbought.
JPMorgan analyst Nikolaos Panigirtzoglou said that the market is still quite optimistic about the prospect of a sharp price increase before the end of the year. An important part of this optimism is that even if the supply of Bitcoin decreases after halving, the demand for Bitcoin through ETFs will still remain. Will continue at the same pace.
However, net inflows into spot Bitcoin ETFs have slowed significantly, with significant outflows occurring over the past week. In fact, this profit-taking is more likely to continue as the halving approaches. (CoinDesk)