Pros Are Ditching the Bitcoin Market, JPMorgan Says
- Cryptocurrency trading dwindles as price holds below $4,000
- Falling open interest, hashrate signal market freezing over
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The prolonged digital-asset slump is scaring off institutional players, according to JPMorgan Chase & Co., suggesting a fulcrum for cryptocurrency markets is giving way.
“Participation by financial institutions in Bitcoin trading appears to be fading,” analysts including Nikolaos Panigirtzoglou wrote in a research note dated Dec. 14. “Key flow metrics have downshifted dramatically,” including in futures markets and in average volumes, they said.