Unless you have been living under a rock for the past week, you will be well aware of JPMorgan CEO Jamie Dimon's panicked outburst with regard the 'fraud' that Bitcoin's 'tulip-like' bubble is. To paraphrase:

"It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it."

Anecdotally, the post-Dimon collapse in crypto prices seems to confirm his view (though of course this is much more due to China concerns than a vested interest fearmonger), which makes us wonder... why is JPMorgan buying Bitcoin ETFs on European exchanges?

Nasdaq Stockholm has an actively traded Bitcoin ETN...

'Bitcoin Tracker One - SEK' is an open-end Exchange Traded Note incorporated in Sweden. The ETN is denominated in SEK and provides investors with access to the returns of the underlying asset, US Dollar per bitcoin, less investor fees. The average USD exchange rate of bitcoin from the exchanges:- Bitfinex, Bitstamp and GDAX provides the underlying reference price which is converted into SEK.

In the last few days - as the underlying price collapsed - the ETN has remained bid, with heavy inflows, and now trades at around 20% premium to Net Asset Value...

And guess who has been buying?

JPMorgan Securities was the 4th biggest buyer...

h/t @IamNomad

Which suggest two scenarios... Either

i) JPMorgan is buying for its own account at Dimon-manipulated-lower prices (remember Dimon said any trader who bought Bitcoin would be fored for being "stupid"), or ii) JPMorgan is buying for clients, seemingly offering no sense of fiduciary care amid Dimon's warning to the world that the cryptocurrency is a fraud (is JPMorgan Securities knowingly allowing clients to buy securities it believes are a fraud?)

Which is it Jamie?