JPMorgan Chase: Looking only at ETF flows to infer the Bitcoin market and investment direction is misleading

JPMorgan believes that using ETF flows alone to infer the direction of the Bitcoin market and investment is misleading. Its latest research report shows that from early 2024 to now, Bitcoin fund inflows have reached 10.6 billion US dollars, while physical gold ETF outflows have reached 7.6 billion US dollars. However, this phenomenon does not necessarily indicate a transfer of funds. JPMorgan pointed out that the outflow of gold ETFs is mainly due to individual investors buying gold bars, while the growth of Bitcoin ETFs is mainly due to investors transferring funds from their original Bitcoin wallets. This underestimates the amount of gold purchased by individual and private investors in the form of gold bars and coins, while overestimating their Bitcoin purchases.