JPMorgan Chase analysts suggested that large institutional investors are now dumping Bitcoin (BTC) in favor of gold, Amid Bitcoin touching five-month lows near $30,000.

Reversing a major bullish cryptocurrency market action that drove Bitcoin’s price above $64,000 in mid-April, in its Tuesday note to clients, JPMorgan suggested that institutional investors are going back to gold.

The American megabank said that BTC futures now saw the first biggest decline since the bull market that started in late 2020, citing open interest data in Bitcoin futures contracts on the Chicago Mercantile Exchange.

“The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors. Over the past month, bitcoin futures markets experienced their steepest and more sustained liquidation since the bitcoin ascent started last October.”

Credit: TestBoo.com - https://testboo.com/crypto/jpmorgan-analysts-says-that-institutional-investors-dump-bitcoin-for-gold/

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