JPMorgan is bullish on Bitcoin and the altcoin market!

According to a recent research report, JPMorgan expects the Bitcoin and altcoin market to rebound in August.

Investors who don’t use Bitcoin (BTC) are eagerly awaiting the arrival of altcoin season. After all, it’s been a long time coming. While the prospect of an altcoin season did arise before the recent market crash, according to JPMorgan, there’s still hope for next month.

JPMorgan is bullish on Bitcoin and the altcoin market. According to a recent research report, the bank expects the Bitcoin and altcoin market to rebound in August. The report also notes that there is a high potential for liquidations to decrease before the end of this month. However, bearish market conditions have led the bank to lower its estimated net inflows for this year. The updated forecast shows that the crypto market could record inflows worth $8 billion, down from previous expectations of $12 billion.

If Bitcoin’s price does rise in August, however, altcoins could also recover, the bank’s forecast suggests. A common misconception is that the altcoin market suffers when BTC rallies, leading to a ‘Bitcoin season’. However, this is not the case, as altcoins are merely following Bitcoin’s lead. In fact, the last time altcoins rose to observe the start of an altcoin season in H2 2023, they were following BTC’s cues.

But even after rising alongside Bitcoin, for it to be considered the start of Altcoin Season, at least 75% of the top 50 altcoins, excluding stablecoins, need to be outperforming BTC. Only then can we start observing the beginning of Altcoin Season.

As you’ve been following on Kriptokoin.com, altcoins are not even close to witnessing an altcoin season. This is because nearly 70% of altcoins have been outperforming BTC over the last 90 days. The green altcoins that have outperformed Bitcoin include Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR) and Tron (TRX). All other tokens are performing poorly against BTC. So if there is any solid chance to enter an altcoin season, it will probably be in August.

Spot Bitcoin ETFs reach fifth consecutive day of positive flows

US spot Bitcoin ETFs recorded daily net inflows totaling $78.93 million on Thursday, extending the positive streak to a fifth day.

BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, recorded the largest net inflow of the day at $72.09 million, according to SoSoValue data. The fund was also the most traded Bitcoin ETF on Wednesday with $725.61 million in volume.

Fidelity’s FBTC saw a net inflow of $32.69 million. Bitwise’s spot Bitcoin fund also attracted $7.53 million, while Ark Invest and 21Shares’ ETF added $4.31 million.

Wednesday’s inflows were offset by net outflows from Grayscale’s GBTC worth $37.69 million. Six other funds, including VanEck’s HODL, reported zero flows yesterday.

US spot Bitcoin funds traded a total of $1.31 billion on July 11. Trading volume in spot Bitcoin ETFs remained significantly lower compared to March, when volume topped $8 billion over several days. ETFs have generated a total net inflow of $15.5 billion since their launch in January.

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