According to JPMorgan analysts led by Nikolaos Panigirtzoglou in a study on bitcoin futures and open interest the CME Group suggests the crypto market may be nearing its end.
Over the last two weeks, bitcoin (BTC) and the wider crypto economy have been on a downward spiral, with the overall market valued at slightly over one trillion at an estimated value of USD 1.05 trillion or equivalent to IDR 16,062 (assuming exchange rate of IDR 15,298 per US dollar) in Friday, August 25, 2023.
Regarding this decline Panigirtzoglou, thinks this decline may have reached its end. JPMorgan experts confirm broad position in bitcoin derivatives market CME delivers a narrative that suggests recent cancellations have stopped.
“As a result, we see a limited decline in the crypto market in the near term,” said Panigirtzoglou in the report, quoted from Bitcoin.com, Monday (28/8/2023).
Going further afield, JPMorgan’s market strategist examined Spacex’s recent sale of bitcoin catching investors with long positions that were too long.
Additionally, an investor note touches on potential spot bitcoin exchange-traded fund (ETF) Blackrock and several other registrars that are planning to launch similar offerings.
Analysts also point to the recent partial ruling resulting from the US Securities and Exchange Commission (SEC) lawsuit against Ripple briefly strengthening the market; however, subsequent SEC filings have depressed prices.