JPMorgan: Bitcoin halving, Cancun upgrade, and Ethereum ETF drive retail investors to push recent cryptocurrency price surge

2024-02-22 23:00:32
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ChainCatcher news, JPMorgan analysis indicates that the recent surge in cryptocurrency prices is primarily driven by impulsive decisions from individual traders, rather than institutional investors or market fundamentals.

They believe that the rebound in individual investors' interest in cryptocurrencies in February may be the reason for the strong rebound in the crypto market this month.

Analysts also pointed out that individual interest in cryptocurrencies surged sharply at the end of last year, similar to the momentum in the stock market in the fourth quarter of 2023. The recent enthusiasm from individual investors may be attributed to three main cryptocurrency catalysts, including the Bitcoin halving event, the next major upgrade of the Ethereum network—Dencun, and the possibility of the U.S. approving a spot Ethereum ETF in May.

Analysts reiterated that the first two catalysts have already been "largely priced in," while the chances of approving the Ethereum ETF in May are only 50%.

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