JPMorgan Analysts Say That Big Money Are Dumping Bitcoin For Ethereum

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	353,364,868,015	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

353,364,868,015

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-33.80	-1.14%	2,935.54	2,935.49	2,935.61

Price Change

Price Change %

Current Price

Bid Price

Offer

-33.80

-1.14%

2,935.54

2,935.49

2,935.61

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,978.02	2,890.28	2,971.46	2,969.34	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,978.02

2,890.28

2,971.46

2,969.34

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:40:54	0.008680	2,936.01	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:40:54

0.008680

2,936.01

USD

Price x Volume	Volume	Base Symbol	Related Pairs
75,684,443.49	25,899.29	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

75,684,443.49

25,899.29

JPMorgan Analysts Say That Big Money Are Dumping Bitcoin For Ethereum

27/09/2021 6:00pm

NEWSBTC

Ethereum has recently made its way into the radar of institutional investors. More big money has been flowing into the digital asset in recent months following the success of decentralized finance (DeFi). With this much money coming in from institutional investors, the value of ETH has seen significant growth in the past couple of months. Data shows that institutional investors are getting into Ethereum as early as possible, eliminating the possibility of “missing the bus” when the cryptocurrency eventually becomes an important part of traditional finance markets. Ethereum being more valuable than top cryptocurrency bitcoin is a hotly debated topic in the crypto space. Despite being the most valuable, JPMorgan analysts have put forward that institutional investors are moving away from bitcoin and taking more positions in ETH. As crashes have rocked the market, the value of bitcoin has taken numerous hits. And with these have come a relaxation of the highly confident price predictions made for the asset. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations Institutional Investors Turn Away From Bitcoin Futures Restrictions on the purchase of actual cryptocurrencies have left institutional investors trading on crypto futures. Bitcoin futures have seen much interest from the big investors who do not have to invest directly in cryptocurrencies. But recent data shows that these big-time investors are beginning to exit from Bitcoin futures in favor of investing in Ethereum futures. ETH recovers above $3,000 | Source: ETHUSD on TradingView.com JPMorgan analysts released a note that contained their findings for the cryptocurrency market. According to the analysts, the decreased interest in bitcoin futures did not spell good news for the digital asset. Explaining further, the analysts said, “This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts toga exposure to bitcoin.” Bitcoin futures have consistently traded below the actual market price of the cryptocurrency on the Chicago Mercantile Exchange, as institutional investors pull out and begin to stake on Ethereum. Ethereum Currently Overvalued Last week, a JPMorgan analyst had pointed out that at its current price, Ethereum is currently overvalued. The analyst put the digital asset’s value at $1,500, about 55% less than its current trading range. But it seems that despite this low fair valuation, ETH is still beating out top coin bitcoin for big money coming into the market. Ethereum has also held up better in the face of recent market crashes. Related Reading | Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off While bitcoin futures prices have dropped below the asset’s trading price, Ethereum futures have risen relative to the asset’s market price. Reports show that between the months of August and September, the price of Ethereum futures has risen 1% over the actual price of Ethereum. “This points to much healthier demand for Ethereum versus Bitcoin by institutional investors,” said the analysts. Featured image from The Cryptonomist, chart from TradingView.com

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