JPMorgan reports that big institutional players are leaving bitcoin for gold.
"The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors,"
The JPMorgan report follows the Bank of America fund manager's survey, which said that bitcoin's long positions looked like one of the most overcrowded trades. The survey polled 194 fund managers with $592 billion worth of AUM.
"'Long Bitcoin' is now the most crowded trade at 27%. Prior 'peaks' in crowded trades (tech Sep '20 & Sep '18, U.S. Treasuries Mar '20, U.S. dollar Jan '17 & Feb' 15) were associated with relative tops,"
Reversal of money flows: Big institutional players exit crypto and turn to gold, says JPMorgan | Kitco News
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