Summary
JPMorgan finds that the price of bitcoin is no longer closely tied to flows in and out of spot ETFs.
Key Points
1. This suggests that the price of bitcoin may be influenced by other factors beyond just the movement of funds in and out of spot ETFs.
2. The decoupling of bitcoin price from ETF flows could indicate a shift in market dynamics or a diversification of investment strategies among market participants.
3. Investors and traders should consider a wider range of factors when analyzing the price movements of bitcoin, rather than solely relying on ETF flow data.