All of the above, and therefore none of the above as one or the other. Historically Egypt has been a crossroads of people from the Middle East, Africa And Europe. The region of Palatine and Egypt has been shown to be a cross roads of migration from Africa going back to the Neanderthals, and other ancestors of modern humans and before.
Based on recent DNA research the modern Egyptians can be traced back too ancient Egyptians with significant mixing of other populations.
From:
DNA history of Egypt - Wikipedia
DNA studies on modern Egyptians
Shared drift and mixture analysis of modern Egyptian with modern populations. Red shows the strongest connection.
[16]
Genetic analysis of modern Egyptians reveals that they have
paternal lineages common to other indigenous
Afroasiatic-speaking populations in
Maghreb and
Horn of Africa, and to
Middle Eastern peoples, these lineages would have spread during the
Neolithic and were maintained by the
predynastic period.
[17][18]
A study by Krings et al. (1999) on
mitochondrial DNA clines along the Nile Valley found that a
Eurasian cline runs from
Northern Egypt to
Southern Sudan and a Sub-Saharan cline from Southern Sudan to Northern Egypt.
[19]
Luis et al. (2004) found that the male haplogroups in a sample of 147 Egyptians were
E1b1b (36.1%, predominantly
E-M78),
J (32.0%),
G (8.8%),
T(8.2%), and
R (7.5%). E1b1b subclades are characteristic of some
Afro-Asiatic speakers and are believed to have originated in either the
Middle East,
North Africa, or the
Horn of Africa. Cruciani et al. (2007) suggests that E-M78, E1b1b predominant subclade in Egypt, originated in "Northeastern Africa", which in the study refers specifically to
Egypt and
Libya[20][21]
Other studies have shown that modern
Egyptians have genetic affinities primarily with populations of
North Africa, the
Middle East and the
Horn of Africa,
[22][23][18][17] and to a lesser extent
European populations.
[24]
Some genetic studies done on modern Egyptians suggest a more distant relationship to
Sub Saharan Africans[25] and a closer link to other North Africans.
[18] In addition, some studies suggest lesser ties with populations in the
Middle East, as well as some groups in southern
Europe.
[17] A 2004 mtDNA study of upper Egyptians from
Gurna found a genetic ancestral heritage to modern Northeast Africans, characterized by a high M1 haplotype frequency and a comparatively low L1 and L2 macrohaplogroup frequency of 20.6%. Another study links Egyptians in general with people from modern Eritrea and Ethiopia.
[23][26] Though there has been much debate of the origins of haplogroup M1 a 2007 study had concluded that M1 has
West Asia origins not a Sub Saharan African origin, although the majority of the M1a lineages found outside and inside Africa had a more recent eastern Africa origin
[27] Origin A 2003 Y chromosome study was performed by Lucotte on modern Egyptians, with haplotypes V, XI, and IV being most common. Haplotype V is common in
Berbers and has a low frequency outside North Africa. Haplotypes V, XI, and IV are all predominantly North African/Horn of African haplotypes, and they are far more dominant in Egyptians than in Middle Eastern or European groups.
[4]
Recent studies have found out that modern Egyptians (both Christians and Muslims) are the direct descendants of the Egyptians of Ancient Egypt.
[28][29]
