Institutional investors are turning away from Bitcoin amid the latest massive sell-off on the crypto market—and allocating their capital back in gold, according to a note written by research analysts at American investment bank JPMorgan Chase.
“The Bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors. Over the past month, Bitcoin futures markets experienced their steepest and more sustained liquidation since the Bitcoin ascent started last October,” analysts at the bank said.
A shift towards gold
Per Business Insider’s report published today, JPMorgan’s research note pointed out that there was a shift in institutional investors’ crypto strategies over the past few months. During the course of Q1 2021, flows of institutional funds into Bitcoin have been gradually slowing down and ultimately turned negative in early April.
It is not entirely clear why this happened, the researchers noted. One of the possibilities i
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