JPMorgan says there’s weak bitcoin demand from massive buyers and that can maintain it in a bear market

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A representations of digital foreign money 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 massive buyers to assist the cryptocurrency — a key narrative of the bulls — is simply not there, in response to JPMorgan analyst Nikolaos Panigirtzoglou.

The bitcoin futures curve is in so-called backwardation, that means the present spot worth of bitcoin is larger than that of the futures contracts. That is taking place for the primary time since 2018, the quantitative analyst stated, and is a sign of the shortage of curiosity from the institutional purchaser.