JPMorgan downplays recent TradFi blitz into crypto: Spot Bitcoin ETFs ‘unlikely to be a game changer’

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When BlackRock applied to create a spot Bitcoin ETF last month, several crypto industry players said the move could push prices to new heights. JPMorgan isn’t buying it.

In a Thursday report, the bank claimed that even if the Securities and Exchange Commission accepts applications by BlackRock, Fidelity, and others for a spot Bitcoin ETF,  those investment vehicles are “unlikely to be a game changer for crypto markets.”