2 reasons why bitcoin's rally stalled in November and why the weakness may continue, according to JPMorgan
markets.businessinsider.comAndriy Onufriyenko
Bitcoin's 27% rally in October reversed in November, with the cryptocurrency falling as much as 12% this month amid a risk-off period for stocks and concerns of a new COVID-19 variant.
But according to a November 24 note from JPMorgan, the weakness in bitcoin prices likely stems from a slowdown in fund flows into recently launched bitcoin futures ETFs. Those ETFs saw a surge in October, with the ProShares Bitcoin Strategy BITO ETF becoming the fastest ETF ever to reach $1 billion in assets under management.
After that record-setting pace, inflows came to a near standstill in November, with the BITO ETF seeing its AUM edge up from $1.2 billion at the start of the month to $1.3 billion as of Friday.
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