This illustration from May 19, 2021 shows the virtual currency Bitcoin in front of a stock chart.
Dado Ruvic | Reuters
The bitcoin bear market is not behind us yet as big investor demand for cryptocurrency support – a key narrative from the bulls – is simply not there, according to JPMorgan analyst Nikolaos Panigirtzoglou.
The Bitcoin futures curve is in what is known as backwardation, which means that the current spot price of Bitcoin is higher than that of the futures contracts. This is happening for the first time since 2018, said the quantitative analyst, and it signals the disinterest of institutional buyers.