Share this article
More Institutions Are Buying Bitcoin, Say JPMorgan Analysts
In their “Flows & Liquidity” report, JP Morgan analysts say institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3 and may have a bigger role in price movement than quantitative traders.
Updated Sep 14, 2021, 10:34 a.m. Published Nov 23, 2020, 8:12 p.m.
In their “Flows & Liquidity” report, JPMorgan analysts say institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3, and may have a bigger role in price movement than commodity trading advisors, or CTA.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The Friday report was written by Nikolaos Panigirtzoglou, Mika Inkenen and Ekansh Agarwal.
- They said institutional investors are looking at bitcoin as a long-term investment. As proof, they cited the growing size in Q4 of Grayscale Bitcoin Trust, whose customers are mostly institutional.
- In Q3, retail customers bought $1.6 billion worth of bitcoin using Square’s Cash App, some three times more than what was invested in Grayscale’s bitcoin product.
- This quarter, however, the Grayscale Bitcoin Trust is at three times its Q3 numbers. There is no data at present for Square customers’ bitcoin buys.
- Grayscale Investments is a digital asset management firm owned by venture capital firm Digital Currency Group (DCG), which also owns CoinDesk.
- JP Morgan also speculates bitcoin’s failure to revert to its mean price in recent weeks is a sign that momentum traders such as CTAs have had a shrinking role in the market relative to institutions.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ETH, SOL, ADA Slide as Bitcoin Sees Year End Profit-Taking
Trading volumes have thinned noticeably in recent sessions, amplifying price moves and reinforcing a defensive tone, some market watchers say.
What to know:
- Crypto markets declined as investors remain cautious amid concerns over technology valuations and mixed signals from the Federal Reserve.
- Bitcoin and ether both saw slight decreases, with most major tokens trading lower, reflecting fragile risk appetite.
- Year-end positioning and thin trading volumes are contributing to the current market weakness, with expectations of continued pressure into the new year.
Top Stories
