JPMorgan significantly increased its holdings in Bitcoin ETFs, optimistic about BTC rising to $170,000

According to The Block, JPMorgan significantly increased its Bitcoin ETF holdings in the third quarter, with BlackRock's iShares BTC Trust (IBIT) shares rising by 64% to 5.28 million shares, valued at approximately $333 million. Meanwhile, the bank nearly emptied its Ethereum ETF holdings, leaving only 66 shares, worth about $1,700.

JPMorgan analysts predict that the price of Bitcoin is expected to reach $170,000 within the next 6-12 months.