JPMorgan's Updated Bitcoin Analysis
JPMorgan has shifted its view on Bitcoin, with the bank now pointing to a support level near $94,000. It also maintains an upside target of around $170,000. This comes as Bitcoin trades in the mid-$90,000 range.
Analysts at the firm focus on miner costs and supply factors. They note ETF inflows have paused but not stopped. Leverage in the market appears cleaner now.
Institutions show growing interest in Bitcoin. Retail investors often sell during drops. Yet big players rely on data models. JPMorgan once questioned Bitcoin’s value. Now it compares the asset to gold and finds it undervalued.
JPMorgan analysts released a report on Bitcoin’s price structure. They identify $94,000 as a key support zone. The bank states the path to $170,000 remains open.
“Support level sits right around $94K, and the upside case toward $170K is still intact,” the report notes. Factors include miner production costs and reduced supply growth. ETF demand has slowed temporarily.
Harvard’s Major Stake in Bitcoin ETF
Harvard University reported its holdings in an SEC filing. The treasury owns 6.81 million shares of BlackRock’s IBIT. This position is valued $442.88 million at Q3 end. It represents about 20% of the portfolio volume.
The stake grew from $116 million in June. That marks a 280% increase over three months. Microsoft shares rank second at $322.8 million. Amazon follows at $235.18 million. SPDR Gold Trust stands at $235.1 million.
Broader Institutional Adoption Trends
BlackRock’s IBIT leads Bitcoin ETFs with $75 billion in assets. It holds 3.97% of all Bitcoin issued so far. Harvard ranks 16th among IBIT holders, and the fund targets $50 billion Harvard’s share is 1% of that goal.
Emory University also expanded its Bitcoin exposure. It holds over 1 million shares in Grayscale’s Bitcoin Mini Trust with a value that reaches $42.9 million. Holdings rose nearly 90% in the quarter.
Bloomberg analyst Eric Balchunas commented on university investments. “It’s extremely rare and difficult to get an endowment to join an ETF, especially Harvard or Yale,” he said. Such moves signal strong confidence in the product.