JPMorgan: The correlation between Bitcoin prices and spot ETF fund flows is declining

JPMorgan Chase stated that the relationship between Bitcoin's price and the inflows and outflows of Bitcoin spot ETF funds is not as close as before. Analyst Ken Worthington said in a report to JPMorgan Chase clients on Thursday morning that on Wednesday, the correlation between the two types of assets dropped to 0.60, a number lower than 0.78 on February 7th, and even lower than 0.84 on January 31st. Last week, funds accelerated into Bitcoin spot ETFs with investors injecting a record $2.4 billion into these funds, primarily led by BlackRock's IBIT and Fidelity's FBTC. The inflow of funds has slowed down in recent days; Bitcoin's sideways movement over the past few trading days may be a trigger for this slowdown in fund inflows.