Bitcoin set for one of worst weeks in 2024 as ETF demand falters

Bitcoin has peeled back more than 10% from its all-time high as the appetite for fledgling spot Bitcoin exchange-traded funds moderates. JPMorgan Chase and Co strategists warned the retreat has room to run.

Sustained open interest in CME Bitcoin futures along with declining ETF flows are significant bearish signals for the price of Bitcoin, the strategists led by Nikolaos Panigirtzoglou wrote in a note Thursday. Last month, the bank predicted that the price of Bitcoin will drift down toward $42 000 after April as “Bitcoin-halving-induced euphoria subsides.”

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