Morgan expects CTAs to buy about $29 billion in global stock futures including $8.5 billion in S&P 500 contracts if equities were to rally over the next week
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Cryptocurrency enthusiasts counting on Bitcoin to bounce back above the $40,000 level face a challenge due to faltering demand for the biggest fund tracking the digital asset, according to JPMorgan Chase & Co.
The pace of flows into the $20 billion Grayscale Bitcoin Trust “appears to have peaked” based on four-week rolling averages, JPMorgan strategists led by Nikolaos Panigirtzoglou said in a note Friday. The fund slid 22 per cent over the past two weeks through Jan. 22, outpacing a 17 per cent drop in Bitcoin in the same period.
“At the moment, the institutional flow impulse behind the Grayscale Bitcoin Trust is not strong enough for Bitcoin to break out above $40,000,” the strategists said. They added that the “risk is that momentum traders will continue to unwind Bitcoin futures positions.”