There is a balloon with a coin in it.
Onufriyenko is a person.
In the month of November, it fell as much as 12% and reversed October's strong rally.
According to a note last week, the price decline can continue into the year-end.
The two reasons why the rally stopped were stated by JP Morgan.
The 27% rally in October was reversed in November, with the criptocurrency falling as much as 12% this month amid a risk-off period for stocks and concerns of a new variant.
According to a November 24 note from JP Morgan, the weakness in the price of bitcoin is likely due to a decrease in fund flows into the recently launched futures exchange traded funds. In October, the ProShares Bitcoin Strategy BITO was the fastest to reach $1 billion in assets under management.
After that record-setting pace, BITO's assets under management came to a near standstill in November, with the fund's total assets edging up to $1.3 billion as of Friday.
"What is more disappointing is that the stalling in fund inflows in November took place as physical gold ETFs continued to bleed," Panigirtzoglou said. The fixed supply and investor belief that it is an inflation hedge have made it a popular alternative to physical gold.
According to the note, the recent weakness in the price of bitcoin has to do with investor positioning hitting oversold levels. "Our position proxy based on futures spiked in September and October to levels last seen in February 2021," Panigirtzoglou said.
According to JP Morgan, those oversold levels will be a problem for the price going forward. The price went up through April but then went down over the course of the next few months.
The potential for big returns when traders go against the crowd was highlighted by the price rally after it hit its most oversold levels of the year.
It's JPMorgan.
Business Insider has an original article.
