JPMorgan Chase questions sustainability of $12 billion crypto inflows

JPMorgan analysts raised questions about the sustainability of the $12 billion inflows into crypto assets so far this year. They noted that while much of the money has moved through spot Bitcoin exchange-traded funds (ETFs), they are skeptical about the sustainability of inflows given the current high price of Bitcoin relative to production costs and gold. While annualized net inflows could reach $26 billion based on this trend, analysts remain skeptical, in line with their early concerns about the impact of spot Bitcoin ETF approval on attracting new capital into the crypto space.