JPMorgan Chase questions sustainability of $12 billion crypto inflows

According to Morgan Stanley analysts have raised concerns over the sustainability of the $12 billion inflow into cryptocurrency assets so far this year. They point out that while most of the funds have been transferred through exchange-traded funds (ETFs) for spot Bitcoin trading, they are skeptical about the sustainability of the inflow given the current high price of Bitcoin relative to production costs and gold. Despite the potential for an annualized net inflow of up to $26 billion based on this trend, the analysts remain skeptical, consistent with their early concerns about the approval of spot Bitcoin ETFs attracting new capital into the crypto space.