A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.
Dado Ruvic | Reuters
The bitcoin bear market isn’t behind us yet as the demand from big investors to support the cryptocurrency — a key narrative of the bulls — is just not there, according to JPMorgan analyst Nikolaos Panigirtzoglou.
The bitcoin futures curve is in so-called backwardation, meaning the current spot price of bitcoin is higher than that of the futures contracts. This is happening for the first time since 2018, the quantitative analyst said, and is a signal of the lack of interest from the institutional buyer.