Author: Helene Braun, CoinDesk; Compiled by: Deng Tong, Golden Finance
JPMorgan Chase stated that the price of Bitcoin (BTC) is not related to the inflow and outflow of spot ETF funds. So close before.
The correlation between thetwo asset classes fell to 0.60 on Wednesday, analyst Ken Worthington said in a note to the bank's clients Thursday morning. Worthington said that number was down from 0.78 on February 7 and down from 0.84 on January 31.
Numbers above 0.70 are considered "highly correlated" and numbers below 0.70 are considered "moderately correlated," Worthington said.
Source: JPMorgan estimates and Bloomberg Finance L.P.
Last week, funds Inflows accelerated, with investors pouring a record $2.4 billion into the funds, the highest amount in the funds' short history. Inflows continue to be dominated by BlackRock’s IBIT and Fidelity’s FBTC, which have nearly $11 billion in AUM to date.
Flows currently appear to be following price action, with Bitcoin's sharp rise in early February leading to a significant increase in inflows into ETFs. The flattening of prices over the past few sessions could be the trigger for the slowdown in inflows.