Cryptocurrency analysts at JPMorgan pointed out that the difference between Bitcoin (BTC) spot prices and futures prices points to a decline.
In a statement shared with customers on Thursday, JPMorgan analysts led by Nikolaos Panigirtzoglou stated that BTC futures prices are lower than the spot price. Analysts said that this is the first time since 2018, after the correction in the crypto market last month.
According to analysts, this signals bearish despite Bitcoin’s strong recovery over the past two days and as high as $37,500 on Thursday. Analysts emphasized that such a situation was experienced in most of 2018, when Bitcoin dropped 74 percent after rising to $ 20 thousand.
Analysts also noted that the decreasing share of Bitcoin in the total value of the crypto market is also alarming. Bitcoin’s market dominance, which rose to over 70 percent in January, declined to 40 percent at the end of May.
Bitcoin’s market dominance was measured as 43 percent as of the time of translation. $ 682 billion of the crypto market, which has a total value of $ 1.6 trillion, is Bitcoin.