© Reuters
Financial analysts at JPMorgan observed that the position of gold in investment portfolios, after adjusting for price fluctuations, exceeded that of gold. Specifically, the leading digital currency received 3.7 times more allocation than the precious metal.
They highlighted a $9 billion inflow into Bitcoin exchange-traded funds (ETFs) since the launch of these financial products, despite withdrawals from Grayscale investments. This indicates that the Bitcoin ETF market could reach $62 billion, taking the gold market as a reference point.
February was a particularly positive month for the digital currency market, with the combined value of all cryptocurrencies increasing by almost 40% from the previous month to reach $2.2 trillion.
This increase is mainly due to a 45% growth in the value of bitcoin and 47% in the value of ethereum. Although other digital currencies did not see as significant an increase, they still saw significant growth. The decentralized finance (DeFi) and non-fungible token (NFT) sectors have also seen an increase in value during this bullish market movement.
Amounts invested in Spot Bitcoin ETFs reached $6.1 billion in February, representing a significant increase from the $1.5 billion invested in January.
The price of bitcoin has increased by 33% over the past two weeks, setting a new record high. This rise occurred as substantial investments were made in Spot Bitcoin ETFs. On a related note, stocks related to cryptocurrency mining reached new highs in February.
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