Nikolaos Panigirtzoglou is JPMorgan’s global strategist for markets. He recently stated that institutional interest in Bitcoins and other cryptocurrency assets had dwindled and turned negative as a result of the recent market correction.
Panigirtzoglou, in an interview to CNBC, highlighted the gradual decline in institutional crypto inflows from April 2021. The strategist at JPMorgan stated that Bitcoin volatility will stabilize in the coming weeks.
Since the beginning of this week, Bitcoin’s price has stabilised. The world’s most valued digital currency, Bitcoin, is near $35,000 as of this writing. It has a market capital of over $650 billion. BTC reached an all-time high in April at $64,000, but suffered a significant correction due to a drop in institutional interest and China’s crypto mining crackdown.
Bitcoin Volatility and Other Cryptocurrencies
Panigirtzoglou commented on the volatility in Bitcoin and other cryptocurrency. He said that BTC’s volatility will stabilise in the near future. There has been a divergence in BTC and other crypto assets. In April, money began to flow out of BTC products. A portion of that investment was invested into Ethereum funds. Now, we’re seeing the reverse, as the flow into Ethereum funds has slowed in the last few weeks while the flow into Bitcoin funds is improving,” he said.
In the past few weeks, BTC has seen a significant increase in its crypto market dominance. Bitcoin now represents more than 46% of total crypto market capital.
