Altcoin season is one of the most anticipated events this year. That’s because investors who don’t use Bitcoin have been waiting for a profit for a long time. The prospect of an altcoin season rose before the recent crash, but according to JPMorgan, there are hopes for next month.
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. 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.
However, if Bitcoin’s price rises in August, altcoins could also recover, according to the bank’s forecast. There is a misconception that the altcoin market has been hurt by BTC’s growth, leading to a Bitcoin season. However, this will not be 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 the second half of 2023, they were following BTC’s cues. But even after rising alongside Bitcoin, at least 75% of the top 50 altcoins, excluding stablecoins, need to outperform BTC. Only then can the start of Altcoin Season be confirmed.
How is the altcoin market doing right now?
As you have 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 are 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.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
