"JPMorgan Warns of Bitcoin ETF Mirage, Downgrades Coinbase Stock"

JPMorgan Chase & Co. analysts have downgraded Coinbase Global Inc. to underweight from neutral, citing a potential slump in Bitcoin and waning enthusiasm for cryptocurrency exchange-traded funds (ETFs). The downgrade marks JPMorgan's first sell-equivalent rating on the stock since initiating coverage in May 2021. The analysts predict a 38% drop in Coinbase's shares over the next 12 months, expressing concerns about the potential deflation of cryptocurrency ETF enthusiasm and its impact on token prices, trading volume, and ancillary revenue opportunities for firms like Coinbase.