PANews reported on February 20 that according to TheBlock, JPMorgan analysts warned that institutional demand for Chicago Mercantile Exchange (CME) Bitcoin and Ethereum futures has weakened, which is a bearish signal for the cryptocurrency market in the short term.

The total cryptocurrency market value has fallen 15% from its all-time high of $3.72 trillion on Dec. 17 to around $3.17 trillion, JPMorgan Managing Director Nikolaos Panigirtzoglou and analysts wrote in a report on Wednesday. The decline has caused CME Bitcoin and Ethereum futures to approach backwardation, where futures prices are lower than spot prices, just like in June and July last year. JPMorgan sees downside risks to the cryptocurrency market in the short term as institutional demand for CME Bitcoin and Ethereum futures weakens.