A representations of digital forex Bitcoin is seen in entrance of a inventory graph on this illustration taken Could 19, 2021.
Dado Ruvic | Reuters
The bitcoin bear market is not behind us but because the demand from huge traders to assist the cryptocurrency — a key narrative of the bulls — is simply not there, in line with 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 mentioned, and is a sign of the dearth of curiosity from the institutional purchaser.