JPMorgan says there's weak bitcoin demand from big investors and a crypto bear market could be on the way

A representations of digital foreign money Bitcoin is seen in entrance of a inventory graph on this illustration taken May 19, 2021.

Dado Ruvic | Reuters

A bitcoin bear market could be on the way as the demand from big investors 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, which means the present spot value of bitcoin is increased than that of the futures contracts. This is occurring for the first time since 2018, the quantitative analyst stated, and is a sign of the lack of curiosity from the institutional purchaser.

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