JPMorgan Analyst: Meme and AI-related Tokens Outperform the Overall Crypto Market in the “Animal Spirits” Index

JPMorgan analyst Nikolaos Panigirtzoglou said in a report this week that retail investors have been leaning toward "debasement trades," which refer to trades that are profitable in the context of a weaker dollar and lower real bond yields, such as interest-free assets. Nikolaos Panigirtzoglou pointed out that the spot Bitcoin ETF attracted $1.3 billion in new investor funds in the first two days of this week, bringing its inflows for the entire month of October to $4.4 billion, making it the third largest month of net inflows since the spot Bitcoin ETF was listed in January. In another indicator that measures the "animal spirits" of retail investors, meme stocks and artificial intelligence-related tokens also outperformed the overall cryptocurrency market. The concept of "animal spirits" was proposed by economist Keynes, emphasizing the impact of investor sentiment and psychological factors on the market. He believed that the stock market was driven by investor confidence and expectations. When investor confidence increases, the stock market usually performs better; while when investor sentiment is low, the stock market may fall. (Jinshi)