JPMorgan analyst: Meme and AI-related Tokens in the 'animal spirit' index perform better than the overall cryptocurrency market

Odaily Planet Daily News Morgan Stanley analyst Nikolaos Panigirtzoglou said in a report this Monday that retail investors have been leaning towards ‘debasement trade’, which refers to profitable trades in the case of a weakening US dollar and declining real bond yields, such as zero-yield assets. Nikolaos Panigirtzoglou pointed out that SpotBTC ETF attracted $1.3 billion in new investor funds in the first two days of this week, bringing its total inflows for October to $4.4 billion, making it the third largest month of net inflows since the listing of SpotBTC ETF in January. In another measure of retail investor ‘animal spirit’, the performance of meme stocks and AI-related tokens has also outperformed the overall cryptocurrency market. “Animal spirits” is a concept proposed by economist Keynes, emphasizing the influence of investor sentiment and psychological factors on the market. He believes that the stock market is driven by investor confidence and expectations. When investors are more confident, the stock market tends to perform well; whereas when investor sentiment is low, the stock market may decline. (Jinshi)