JPMorgan Doubts That a US Bitcoin ETF Would Be a Game-Changer

Should a exchange-traded fund that invests directly in Bitcoin receive approval in the US, it won’t be the game-changer for crypto markets that many digital-asset advocates have long predicted.

That’s according to JPMorgan strategist Nikolaos Panigirtzoglou, who argues that even though there’s broader optimism a physically backed fund could get regulatory blessing, any approval won’t be transformational for the sector since such products have existed in Canada and Europe for years without having seen tremendous inflows. Bitcoin funds overall have “attracted little investor interest” over the past two years, “failing to benefit from investor outflows from gold ETFs,” he ...