JPMorgan analysts have raised concerns over declining institutional demand for Bitcoin BTC/USD and Ethereum ETH/USD futures, suggesting this trend could contribute to broader weakness in the cryptocurrency market.

What Happened: The analysts observed that futures contracts for both cryptocurrencies on the Chicago Mercantile Exchange are approaching a condition known as backwardation, where futures prices drop below spot prices, according to The Block.

This pattern was previously seen during downturns in June and July last year.

The total market capitalization of cryptocurrencies has decreased by about 15 percent since hitting a peak of $3.7 trillion in December, now hovering…

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