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  /  News   /  JPMorgan says there’s weak bitcoin demand from large consumers and that will keep it in a bear market

JPMorgan says there’s weak bitcoin demand from large consumers and that will keep it in a bear market



A representations of digital foreign exchange Bitcoin is seen in entrance of a stock graph on this illustration taken Might 19, 2021.

Dado Ruvic | Reuters

The bitcoin bear market just isn’t behind us however as a result of the demand from large consumers to help the cryptocurrency — a key narrative of the bulls — is just not there, in response to JPMorgan analyst Nikolaos Panigirtzoglou.

The bitcoin futures curve is in so-called backwardation, which implies the current spot value of bitcoin is elevated than that of the futures contracts. That’s happening for the first time since 2018, the quantitative analyst talked about, and is an indication of the scarcity of curiosity from the institutional purchaser.

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