© Reuters Bitcoin has already surpassed gold in investor portfolio allocation – JPMorgan
JPMorgan analysts said that, adjusting for volatility, gold's allocation in investors' portfolios has already surpassed that of gold. Specifically, the flagship cryptocurrency has a 3.7x larger allocation compared to bullion.
They highlighted a net inflow of $9 billion into Bitcoin ETFs since their inception, accounting for outflows from Grayscale, and suggest the potential size of the Bitcoin ETF market could reach $62 billion if gold is used. as a reference point.
February marked one of the most optimistic periods for the cryptocurrency market, with the total market capitalization rising almost 40% month over month to $2.2 trillion.
This rise was primarily led by a 45% rise in Bitcoin and a 47% rise in . While altcoins lagged behind in performance, they still posted double-digit gains. Both the decentralized finance (DeFi) and non-fungible token (NFT) sectors also posted gains during this rally.
Bitcoin Spot ETF net sales rose to $6.1 billion in February, up from $1.5 billion in January.
BTC's value has surged 33% over the past two weeks, hitting a new all-time high, a rise that came alongside significant capital inflows into spot Bitcoin ETFs. Similarly, crypto mining stocks also hit new all-time highs in February.
