Analysts at JPMorgan, the giant investment banking services company, reported yesterday that "the rise in cryptocurrencies seems overblown." And they raised questions about the influx of new capital into the industry, if spot bitcoin exchange-traded funds (ETFs) are approved in the United States.

"Rather than fresh capital coming into the crypto industry to be invested in new ETFs, we see it as a more likely scenario that existing capital from existing bitcoin products (such as Grayscale's bitcoin trust, bitcoin futures ETFs, and publicly traded bitcoin mining companies) will move to spot bitcoin ETFs," JPMorgan analysts noted.

They also stated that spot bitcoin ETFs already exist in Canada and Europe, and they have aroused little interest among investors. Therefore, they remain skeptical about the new demand that these assets may capture in the United States if they are launched soon as expected.

JPMorgan's view differs from the eye of specialists who have predicted a great positive impact on the market in the face of an approval of ETFs in the United States, due to the weight that Wall Street and BlackRock, one of the applicants for the funds, have in the world.

In turn, JPMorgan experts were again skeptical, as they did in the middle of the year, about the growing bullish expectations of the next bitcoin halving. Such an event, which is the halving of the coin's issuance occurring every four years or so, has always propelled BTC's price to a new all-time high, generating excitement about its next edition scheduled for April-May 2024.

"This argument seems unconvincing, as the bitcoin halving and its effect are predictable and, in our view, well influenced by the price of bitcoin," JPMorgan analysts commented.

For the banking firm's experts, the halving could already be priced in "to a large extent" with the recent rally.