J.P. Morgan analysts doubt the promise of bitcoin exchange-traded funds (ETFs).

The banking giant thinks bitcoin ETFs will draw substantial funds from other crypto products, just not new capital, CoinDesk reported Monday (Jan. 15), citing an analyst note.

Last week, the U.S. Securities and Exchange Commission (SEC) approved spot bitcoin ETFs, but since then, the market reaction has been subdued, the report said. The focus has instead moved to how much capital the new funds will attract.

“We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space due to the spot bitcoin ETF approval,” the analysts’ note said, per the report.

However, the analysts still project that funds from existing products will move into the new ETFs to the tune of up to $36 billion, the report said.

J.P. Morgan made the same argument last year before the funds were approved, writing that ETFs have gotten little attention from investors since being introduced in Canada and Europe.

At the same time, many crypto proponents had argued that the SEC’s approval would signal a softening of the regulator’s stance on digital currencies.

The bank rejected that argument, too, writing, “It is far from clear that the regulatory tightening of the crypto industry will lessen significantly going forward given how unregulated this industry is.”

The SEC it was said last week that its opinion hadn’t changed, with Chair Gary Gensler calling bitcoin a “speculative, volatile asset” in a statement following the approval.

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” Gensler said. “Investors should remain cautious about the risks associated with bitcoin and products whose value is tied to crypto.”

Setting aside the SEC’s views, PYMNTS wrote earlier this month that Bitcoin still has a long way to go to gain widespread acceptance. It is the most popular cryptocurrency, yet only 16% of the general population owns crypto.

Then there’s the question of volatility, noted in the report, written when Bitcoin was worth 157% more than it had been a year prior.