A representations of digital forex Bitcoin is seen in entrance of a inventory graph on this illustration taken Might 19, 2021.
Dado Ruvic | Reuters
A bitcoin bear market could possibly be on the way in which because the demand from massive buyers to help 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, that means the present spot value 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.