Large flow of institutional interest in Bitcoin according to JPMorgan
- JPMorgan released a publication recently as reported by Bloomberg, detailing the increased interest in Bitcoin from institutions.
- A decent volume pick-up was reported to have been observed via the CME Group for Bitcoin futures.
Big investment bank JPMorgan Chase believes that the Bitcoin (BTC) industry has seen much change since 2017. The bank cited an increase in the flow of institutional interest, as covered by Bloomberg.
Managing director of global market strategy Nikolaos Panigirtzoglou, led the report, with a team having examined much of the phenomena surrounding cryptocurrency exchanges.
Bloomberg within the publication noted that if only 5% of May’s $725 billion number is accurate, then it would mean the true volume of BTC trading in May was equal to about $36 billion. On the flipside, May was the best performing month on record for Bitcoin futures provider CME Group, with implied USD value topping $500 million, citing JPMorgan.
The bank further detailed that the reported volume observed between trading on exchanges, versus the volumes in Bitcoin futures, does suggest that institutional investors are now sincere about the cryptocurrency, according to JPM.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
