"According to 13F filings, the bank reported holding 5,284,190 shares of IBIT, valued at $343 million as of September 30. This marks a 64% increase from its previous disclosure of 3,217,056 shares as of June. The filing also revealed that JPMorgan holds IBIT options, including $68 million in call options and $133 million in puts. 13F filings aggregate holdings across all bank divisions, including high-net-worth clients, meaning these positions may not be limited to the bank's own balance sheet."
"JPMorgan analysts recently said that Bitcoin now appears undervalued relative to gold after a sharp October sell-off pushed its price down more than 20% from its recent record high of $126,000. The decline was driven by leveraged liquidations in the futures market and market anxiety following a $128 million Balancer hack. According to analyst Nikolaos Panigirtzoglou of JPMorgan, the ratio of open interest in perpetual futures to Bitcoin's market cap has since normalized, signaling that most excess leverage has been flushed out."
JPMorgan reported holding 5,284,190 shares of the IBIT Bitcoin ETF, valued at $343 million as of September 30, up 64% from June. The bank also holds IBIT options, including $68 million in calls and $133 million in puts, and 13F filings aggregate holdings across divisions and clients. Bitcoin has remained volatile, hovering just above $100,000 after a sharp October sell-off driven by leveraged futures liquidations and a $128 million Balancer hack. JPMorgan analysis finds Bitcoin trading at a volatility-adjusted discount to gold and estimates parity would imply roughly $170,000; analysts see significant upside over six to twelve months.
Read at Bitcoin Magazine
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