JPMorgan, a global investment bank, has provided insights on recent trends in the crypto and equity markets. Nikolaos Panigirtzoglou, a managing director specializing in Global Market Strategy, including Alternatives and Digital Assets, shared his perspective on crypto in a Linkedin post published Thursday. He wrote:
The past weeks saw significant selling/profit taking in both equity and crypto markets with perhaps retail investors playing a bigger role than institutional investors.
“Retail investors appear to have sold both crypto and equity funds. And several proxies of the retail impulse into equities have downshifted over the past month such as those based on small traders’ option flows, on the relative performance of retail investors’ favorites vs. S&P500 index, or on retail investors’ sentiment surveys such as the AAII [American Association of Individual Investors] survey,” he stated.
Panigirtzoglou continued:
In terms of institutional investors, it has been mostly momentum traders such as CTAs or other quantitative funds that appear to have taken profit on previous extreme long positions in equities, bitcoin and gold.
“For other institutional investors outside quantitative funds/CTAs [commodity trading advisors] we detect a more limited de-risking so far, thus leaving room for further position reduction from here,” he noted.
Earlier this month, Panigirtzoglou expressed expectations of a near-term decline in the price of bitcoin following the halving, citing overbought conditions. He also highlighted the subdued level of venture capital funding for crypto projects. “We do not expect bitcoin price increases post halving as it has been already priced in. In fact, we see downside for the bitcoin price post halving for several reasons,” he explained.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
There is no comment, immediately to comment!