JPMorgan says there’s weak bitcoin demand from large traders and that can hold it in a bear market
A representations of digital forex Bitcoin is seen in entrance of a inventory graph on this illustration taken Might 19, 2021.
Dado Ruvic | Reuters
The bitcoin bear market is not behind us but because the demand from large traders to assist the cryptocurrency — a key narrative of the bulls — is simply not there, in accordance with JPMorgan analyst Nikolaos Panigirtzoglou.
The bitcoin futures curve is in so-called backwardation, which means the present spot worth of bitcoin is increased than that of the futures contracts. That is occurring for the primary time since 2018, the quantitative analyst stated, and is a sign of the shortage of curiosity from the institutional purchaser.
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