2024 Crypto Chill: JPMorgan Predicts Bitcoin ETF Excitement Could Melt Coinbase's Fortunes

JPMorgan's recent research report suggests that the major catalyst driving positive sentiment in the crypto markets last year, the launch of spot Bitcoin (BTC) exchange-traded funds (ETFs), has the potential to disappoint investors in 2024. The bank downgraded the U.S. exchange Coinbase (COIN) to an "underweight" rating from "neutral" while maintaining an unchanged price target of $80. This downgrade led to a 4.1% drop in Coinbase shares, which were trading at $122.90 in the premarket session. Despite Coinbase's significant 390% gain in the previous year and its leadership in the crypto ecosystem, JPMorgan anticipates a more challenging 2024 due to potential disappointment surrounding the Bitcoin ETF catalyst that had revitalised the market.